Investors in the U.S. refining sector are by now familiar with the severe demand disruption that occurred to refined fuels in March and April of this year. The arrival of the COVID-19 pandemic in the U.S. was marked by lockdown orders being implemented across almost all of the country in the subsequent weeks, and the first state economies did not begin to reopen until late April. The lockdown orders were effective at temporarily "flattening the curve" of coronavirus transmission, but refined fuels experienced an unprecedented disruption of demand while they were in force.
The drop