This year could be different, after economic growth in 2018 slackened to its slowest pace since 1990 and annual auto sales fell for the first time since that same year. Some analysts predict sales will fall further in 2019 . Those factors will limit gasoline demand, as will environmental initiatives, such as steps to increase fuel efficiency. Nomura forecasts demand growth of 0.5% this year, slowing from an estimated 4% last year. At the same time, Chinese refineries will increase production capacity by some 6%, according to Fitch Solutions. Official fuel-export quotas, which also include diesel and kerosene, jumped 35% last year. Some analysts expect further increases in 2019 so Chinese refiners can maintain production. Industry margins have already tumbled. In Singapore, the spread between prices for oil and the gasoline refined from it hit a record low of $1.30 a barrel in December, versus $10.70 in February. What […]