S Korea’s longest monsoon on record to push Q3 gasoline demand 12% lower

S&P Global Platts | Aug 14, 2020 at 3:42 AM
  • Heavy rains and flash floods across various regions in South Korea could put the brakes on the country’s auto fuel demand recovery since the peak of the COVID-19 cases in March-April.
  • South Korea’s domestic gasoline refining margin slipped into the negative territory as road traffic failed to live up to the peak driving season auto fuel demand expectations.
  • Other refiners including GS Caltex, Hyundai Oilbank and S-Oil have also reduced run rates during Q2 and July in response to sluggish domestic consumer and industrial fuel demand following the outbreak of the pandemic.