Goldman Sees March Demand Falling 10.5 Million Barrels Per Day

26 Mars, 2020, 19:24 | Auteur: Auguste Feret
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Demand for oil products, especially jet fuel, is falling worldwide as more governments announce nationwide lockdowns to stop the spread of coronavirus.

Oil prices fell on March 26 following three days of gains, with coronavirus travel bans and lockdowns offsetting hopes a $2 trillion United States stimulus package will shore up economic activity.

Products supplied, a proxy for US demand, dropped almost 10% to 19.4 million bpd, EIA data showed. Overall fuel demand fell by almost 2.1 million bpd. West Texas Intermediate (WTI) crude futures fell 94 cents, or 3.8 per cent, to $23.55 a barrel. Both contracts are down about 60 per cent this year. Brent crude was down 1.7 per cent at $26.70 per barrel on Wednesday as faltering fuel demand outweighed a massive pending USA economic stimulus package.

But with demand disappearing and output rising, the outlook is bleak.

"All indexes pointed to worsening conditions among oil field services firms", the Fed said in its report, noting that the business activity index plunged from -4.2 in the fourth quarter to -50.9 in the first, the lowest reading in the survey's four-year history.

The US Senate on Wednesday overwhelmingly backed a $2 trillion bill aimed at helping unemployed workers and industries hurt by the coronavirus epidemic.

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A worse-than-expected weekly US jobless claims report today could drive WTI crude oil under $20.

Oil prices have fallen by more than 45 per cent this month after OPEC+, comprising the Organization of the Petroleum Exporting Countries (OPEC) and other producers, including Russian Federation, failed to agree on extending output cuts.

"Global isolation measures are leading to an unprecedented collapse in oil demand", it said.

The chief executive of the world's biggest oil trader, Vitol Group, estimates a demand loss of 15 to 20 million barrels per day (bpd) over the next few weeks.

Vitol said refineries have so far cut about 7 million bpd, a figure the company expects to rise further as storage fills up.

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