The U.S. refining sector is experiencing an unprecedented operating environment. The strangest aspect of this has not been the massive gasoline demand destruction that has occurred in recent weeks, although that has certainly been notable. Stranger still has been the impact of the COVID-19 pandemic on the U.S. transportation fuel mix. Specifically, distillate fuel oil (e.g., diesel fuel) is on the cusp of becoming America's most important transportation fuel, and it can be expected to remain in the top spot so long as widespread social distancing measures remain in force across the country.
U.S. gasoline