Week One: Oil Markets Outlook

May 19, 2020 |11:00 AM EST



U.S. consumption of petroleum products has fallen to its lowest level in decades because of measures that limit travel and because of the general economic slowdown induced by mitigation efforts for the coronavirus disease 2019 (COVID-19). Demand for fossil fuels are at historic lows as the pandemic causes unprecedented declines in manufacturing, driving, and air travel. The IEA estimates global oil consumption in April will be 29 million bpd lower than the same month last year. That level of demand has not been seen since 1995. OPIS sees gasoline demand off 45-50% from last year, with diesel demand down 15-20%. WTI spot month contracts are trading at a jaw-dropping ~$20 per barrel on the NYMEX. U.S. oil storage is expected to reach its limit by mid-May. Yet, despite this historic demand destruction, an MIT-affiliated publication says global climate emissions may decline by only 4%. Join industry leadership led by COO Mark Romaine to gain insight on what 2020 and 2021 has in store for you and your business.

Complimentary Registration

Eric Slifka

CEO, Global Partners

Donnell Rehagen


John Huber

President, NORA