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2020 was supposed to be a great year for Phillips 66 (PSX). With large coking capacity, PSX was in a great position to profit from the new IMO-2020 regulations to significant reduce maritime emissions. Indeed, as I reported in November of last year, diesel crack margins futures for 2020 were then trading ~$4/bbl higher than the historical average. Combined with a strong economy, the future looked bright.
Then COVID-19 started in China and quickly spread around the globe. Now, 2020 is likely to see the first year of falling crude oil demand since