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Last updateFri, 03 Apr 2020 8pm

End-User News

February Data Shows Early Coronavirus Impact on Energy Markets

The American Petroleum Institute (API) released its February 2020 Monthly Statistical Report, providing an early indication of the impact of the coronavirus pandemic on energy markets. Data from the report reflect the onset of the virus with downturns in demand for diesel (-9.9% y/y) and jet fuel (-5.2% y/y), but a slight increase in gasoline (+0.3% y/y), suggesting many consumers chose to drive instead of fly in February.

“February data reflect the onset of the coronavirus and serve as an early indicator of the impact this global pandemic has had on energy markets,” API Chief Economist Dean Foreman said. “The demand destruction resulting from the coronavirus combined with Saudi Arabia and Russia increasing supply has left global energy markets in unchartered territory.”

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