Downstream oil in brief: will European transport fuel demand recover this summer? Report

Insight 23 April 2021

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Report summary

The coronavirus pandemic and associated restrictions on movement have negatively impacted transport fuel demand for more than a year. The oil industry has been hoping that the upcoming summer will be the turning point for demand recovery. Although the pace of recovery will vary by country and depend on how the virus is contained. Jet fuel demand recovery is set to lag that of road fuel as there is greater uncertainty over international travel.

Different countries will have varying recovery trajectories
Holidaying close to home will boost the summer driving season
Variants and slow vaccine rollout could still hamper jet fuel demand recovery
Summary
European retail gross margins strengthen marginally in March as crude prices strengthen
Northwest European strengthen in March and refinery runs are set to rise in the coming months