Transport Fuel Demand to Grow Through 2019
In 2018 and 2019, European transport fuel demand growth will slow to an annual average of roughly 160,000 b/d. This slowdown is driven by a deceleration in diesel and jet fuel demand growth, particularly in Germany, where for the first time in a decade diesel demand will contract. Nevertheless, with demand for all three major transport fuels continuing to rise through 2019, and regional refinery throughput expected to slow, Europe’s distillate deficit will expand and gasoline surplus will narrow. These developments will be bullish for global product markets.