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JP Morgan Sees Structural And Permanent Shift In Diesel Use

OIL PRODUCTS

Lower demand amid an impending recession, higher fuel efficiency and the shift to biofuels has weighed on diesel prices and margins for refiners, JPMorgan analysts including Natasha Kaneva said.

  • Lower diesel prices are weighing on crude oil and pushing down margins for refiners, while the price drop is spurring worries of an impending recession, she said.
  • Lower diesel prices reflect weak demand stemming from higher fuel efficiency and the shift to biofuels, as the share of biofuels of total US diesel supply is expected to grow to 15% by 2030, compared with 4% in 2022.
  • “A confluence of factors is likely depressing demand, some cyclical and reversible, but most of them, likely structural and permanent”, Kaneva said.
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