Listen: North Asian refiners adapt to changing refining margins

A spike in demand for 0.5% marine fuel, following the implementation of the International Maritime Organization's sulfur cap from January 1, has led margins for low sulfur material to surge. In turn, North Asian refiners are cutting operating rates at residue fluid catalytic crackers and fluid catalytic crackers to divert feedstock for such units to make more low sulfur fuel oil. Refined product specialists Atsuko Kawasaki, Mark Tan, and Rajesh Nair discuss refinery operating rate cuts, the potential impact on the gasoline and low sulfur fuel oil markets, and how the coronavirus outbreak might affect demand for bunker and gasoline products.