Despite growing concern over the spread of the COVID-19 Delta variant, key oil-based fuels are edging closer to pre-pandemic levels as the global economy reopens.
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While jet fuel demand is struggling back amid global travel curbs, gasoline and diesel sales have seen a sharp rebound. Strong power sector demand and a resilient shipping market have already propelled heavy fuel oil demand to a full recovery.
The uneven fuel demand recovery is forcing some refiners to target more profitable barrels and adjust their crude slates to match.