BREAKING: Europeans Lockdown Weigh on Global Fuel Recovery
LONDON/NEW YORK/SINGAPORE (Reuters) - Renewed restrictions in Europe and the United States to combat the coronavirus have slowed down the pace of fuel demand recovery, offsetting a rebound in Asian economies where consumption has almost returned to pre-COVID levels.
As the second wave of the virus hit many Western countries, governments imposed new lockdowns, closing restaurants and bars, and banning gatherings. But the measures were not as strict as during the first wave.
France, the United Kingdom, Spain, and Poland were under the strictest lockdowns in Europe, according to the Oxford stringency index that assesses indicators such as school and workplace closures, and travel bans.
As a result, traffic in London, Paris and Madrid sharply fell in November after a peak in October, according to the data provided to Reuters by location technology company TomTom, that covered mobility until Sunday evening.
Restrictions in Europe were worrying the U.S. market, as some traders saw more lockdowns there as a harbinger for what was to come in the United States.
Product supplied of gasoline – a proxy for demand – has dropped 9% since August, to 8.3 million bpd from 9.2 million bpd, Energy Information Administration data showed.
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Edited 10 Nov 2020, 15:34
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