There's a silver lining to all of this. The coronavirus initially caused analysts to assume demand destruction was upwards of ~3 mb/d. OPEC+ led by the Saudis are preparing to respond to such estimates, but the latest we've seen suggests demand destruction may be less than ~800k b/d.
Another puzzling point aside from the recovering global refining margins is the stunning recovery in the Brent 1-2 timespread.
Platts has recently reported that Chinese refineries are back in the market buying crude for the summer months which have promptly pushed timespreads back into backwardation.
In addition,