Oil Buyers Profit From A Wave Of Cheap Fuel

The downstream industry has been affected particularly severely by the unique combination of events that unfolded this year. On the one hand, the coronavirus pandemic decimated demand for their products, and on the other, OPEC+ reduced production, raising prices. What is more, refined oil products have stayed off oil buyers’ radar. Refiners just got a tiny respite from oil buyers, though, according to Reuters’ John Kemp. He noted in his latest column that hedge funds and other institutional oil buyers had turned their sights towards…