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Oil’s Remarkable Rebound From a Year of Catastrophe

  • Glut is disappearing faster than many expected: Citigroup
  • China-led demand recovery boosted by freight, chemicals, cold
Grupa Lotos SA Oil Refinery Ahead of PKN Orlen Takeover
Photographer: Bartek Sadowski/Bloomberg
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One year after the first glimmers of the catastrophe awaiting global oil markets -- from deserted Chinese cities to grounded jets -- crude is staging a remarkable turnaround.

The crisis triggered by the deadly coronavirus was the worst the petroleum industry has ever seen. Fuel demand crashed by a fifth, prices slumped below zero, producers fought viciously over customers, and more than a billion surplus barrels poured into storage tanks around the world.