Demand destruction from US/Israel–Iran conflict: Asia-Pacific transportation fuels

With refinery run cuts emerging across Asia-Pacific as refiners reassess crude availability and prioritise domestic fuel supply – thereby curtailing exports – fuel inventories and, ultimately, demand assumptions are being tested by the closure of the Strait of Hormuz. Assuming the current disruption persists through the remainder of the month, regional demand destruction across gasoline, jet/kerosene, and gasoil/diesel could peak at 630 kbd in May, according to our analysis.