Storms gather for refiners

Oil will remain the lifeblood of the transport sector for years, but refiners must prepare for its slow demise

The relatively low price of refined products across global markets, and particularly in the US, should ensure that refineries continue to experience strong demand for their output over the coming months. The longer-term picture is less certain. Demand for transport fuels has been firm in US and Asian markets largely because lower crude prices have translated directly into lower gasoline and diesel ones. Even in Europe, where higher fuel taxes limit price falls, consumption has ticked up. But the burst in demand since 2014 might be petering out, if only because there is a limit to how many extra miles motorists are prepared or able to drive, just because gasoline or diesel is cheaper. Increas