The oil products markets globally are caught between a rock and a hard place as the impact of ultra cheap oil, which should be a boon for refiners, is mitigated by record low prices for gasoline and jet fuel. While major oil producers like Saudi Arabia vow to pump at record levels and offer hefty discounts on their barrels, refiners, in theory, should be producing at maximum capacity. “The extent to which (refinery) runs increase will quickly become constrained as product cracks reach a ceiling due to high inventory levels and weak global demand,” consultancy Woodmac said. JET FUEL Jet fuel is one of the markets hardest hit by the virus outbreak as more and more countries shut borders and […]