• 2 minutes Rational analysis of CV19 from Harvard Medical School
  • 4 minutes While U.S. Pipelines Are Under Siege, China Streamlines Its Oil and Gas Network
  • 7 minutes Renewables Overtake Coal, But Lag Far Behind Oil And Natural Gas
  • 3 hours Joe Biden the "Archie Bunker" of the left selects Kamala Harris for VP . . . . . . Does she help the campaign ?
  • 10 hours Trump Hands Putin Major Geopolitical Victory
  • 1 min Tesla Begins Construction Of World’s Largest Energy Storage Facility
  • 1 day China wields coronavirus to nationalize American-owned carmaker
  • 3 hours America Could Go Fully Electric Right Now
  • 4 hours Those Nasty White People and Camping Racism
  • 2 days Open letter from Politico about US-russian relations
  • 13 mins Will any journalist have the balls to ask Kamala if she supports Wall Street "Carried Interest" Tax Loophole
  • 1 day COVID&life and Vicious Circle: "Working From Home Is Not Panacea For Virus"
  • 15 hours Brent above $45. Holding breath for $50??
  • 6 hours The Truth about Chinese and Indian Engineering
  • 1 day Oil Tanker Runs Aground in Mauritius - Oil Spill
  • 3 days US will pay for companies to bring supply chains home from China: Kudlow - COVID-19 has highlighted the problem of relying too heavily on one country for production
  • 2 days Trump is turning USA into a 3rd world dictatorship
U.S. Offshore Wind Industry To See Explosive Growth

U.S. Offshore Wind Industry To See Explosive Growth

Offshore wind has the potential…

Has The Oil Market Finally Turned A Corner?

Has The Oil Market Finally Turned A Corner?

August is usually a bad…

Oil Prices Rise On Renewed Stimulus Hopes

Oil Prices Rise On Renewed Stimulus Hopes

Oil prices rose early on…

Editorial Dept

Editorial Dept

More Info

Premium Content

Gasoline Demand Is Bouncing Back

1. China bouncing back

- China imposed the strictest lockdown at the start of the pandemic, and “has so far reaped the biggest rewards,” Bank of America Merrill Lynch wrote in a report.

- China’s GDP contracted by 6.8 percent year-on-year in the first quarter, and rebounded by 3.2 percent year-on-year in the second. For the full year, China’s economy is on track to expand by 2 percent, while the Eurozone will see an 8.2-percent contraction and the U.S. will see an 8-percent contraction.

- In June, when Beijing reported a sudden uptick in cases – 330 total – the government responded swiftly. Mass transit ridership contracted by 50 percent and air traffic plunged by 80 percent for three weeks.

- There are many risk factors for the spread of Covid-19 – age, health, urbanization, globalization – but Bank of America says mobility is one of the most important risk factors, and that governments will likely continue to restrict it. The bank forecasts global mobility will need to decline by another 15 to 25 percent if the R factor is to fall below 1.0.

- “In turn, oil demand could fall by at least an additional 3mn b/d beyond our current base case of a 2.7 mn b/d YoY contraction,” the bank said.

2. Refining margins out of negative territory, but still low

- Refiners cut back processing severely when margins plunged into negative territory earlier this year.

- That…





Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News