# Global Refiners Can't Escape the COVID-19 Demand Cycle - DTN

> Crude prices rose on Wednesday as the market focused on COVID-19 demand, with gasoline demand falling again while diesel demand begins to recover. Refiner margins on shipping fuel (VLSFO) have improved since the IMO 2020 sulfur cap.

- Date: 2020-11-06 · published 2020-11-06T12:00:00.000Z
- Category: macro · region Global · magnitude low
- Page: https://feedsoft.ai/events/50326-global-refiners-can-t-escape-the-covid-19-demand-cycle-dtn
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [ULSD / Diesel](https://feedsoft.ai/c/DIESEL.md)

## Why it matters

Global refining economics shape diesel and crude supply, which feed into fuel and logistics costs for feed buyers. Weak gasoline demand limits the upside for crude prices.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲
- DIESEL: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2021-05-18 | [Canadian exporters rejig currency hedges as commodities boom - The Globe and Mail](https://feedsoft.ai/events/47339-canadian-exporters-rejig-currency-hedges-as-commodities-boom-the-globe-and-mail.md) | -0.2% | +8.8% |
| WTI | 2019-11-15 | [Canadian dollar recovers from one-month low as risk appetite climbs - The Globe and Mail](https://feedsoft.ai/events/56315-canadian-dollar-recovers-from-one-month-low-as-risk-appetite-climbs-the-globe.md) | +3.2% | +6.1% |
| WTI | 2023-02-23 | [Canadian dollar claws back some recent declines as oil rallies - The Globe and Mail](https://feedsoft.ai/events/37575-canadian-dollar-claws-back-some-recent-declines-as-oil-rallies-the-globe-and.md) | +4.9% | -4.3% |
| WTI | 2021-02-01 | [Analysis: Global fuel prices jump as Asia, U.S. to rev up demand in 2Q](https://feedsoft.ai/events/48814-analysis-global-fuel-prices-jump-as-asia-u-s-to-rev-up-demand-in-2q.md) | +8.9% | +16.1% |
| WTI | 2021-11-29 | [Canadian dollar rallies as air of calm returns to financial markets - The Globe and Mail](https://feedsoft.ai/events/44263-canadian-dollar-rallies-as-air-of-calm-returns-to-financial-markets-the-globe.md) | -11.3% | +1.0% |
| BRENT | 2021-02-01 | [Analysis: Global fuel prices jump as Asia, U.S. to rev up demand in 2Q](https://feedsoft.ai/events/48814-analysis-global-fuel-prices-jump-as-asia-u-s-to-rev-up-demand-in-2q.md) | +6.9% | +18.8% |
| BRENT | 2021-11-29 | [Canadian dollar rallies as air of calm returns to financial markets - The Globe and Mail](https://feedsoft.ai/events/44263-canadian-dollar-rallies-as-air-of-calm-returns-to-financial-markets-the-globe.md) | -3.1% | +4.8% |
| BRENT | 2024-01-18 | [Oil prices rise on global demand forecasts, US crude stock draw](https://feedsoft.ai/events/32278-oil-prices-rise-on-global-demand-forecasts-us-crude-stock-draw.md) | +3.5% | +5.9% |

## Sources

- dtn.com: https://www.dtn.com/global-refiners-cant-escape-the-covid-19-demand-cycle/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.