Oil traders in Asia are expecting refineries to cut operating rates and extend shutdowns as the spread of coronavirus stops people from flying or traveling by road.
The slowdown is likely as the profit from making high-value products such as jet fuel, gasoline and diesel are plunging due to travel restrictions, according to four people who trade, supply and refine crude across the region. Independent refiners, or teapots, are likely to be hit the hardest as they’re more exposed to domestic consumption, they said.
