This Morning in Metals: U.S. petroleum demand falls 13% from February to March

by on

phonlamaiphoto/Adobe Stock

This morning in metals news, U.S. petroleum demand took a hit on the heels of the coronavirus outbreak, the Carbon Trust is lobbying for clearer common standards for what can be called “green” aluminum and Australia’s iron ore sector could be set to receive a boost.

Petroleum demand falls

Amid the coronavirus outbreak and subsequent restrictions associated with the health crisis, U.S. petroleum demand fell 13% from February to March, the Energy Information Administration (EIA) reported Tuesday.

Looking for metal price forecasting and data analysis in one easy-to-use platform? Inquire about MetalMiner Insights today!

“From February to March, gasoline demand fell by 1.2 million barrels per day (b/d) (13%) to 7.8 million b/d, the lowest level since January 2000 and the second-largest monthly decline on record,” the EIA reported. “During the same period, jet fuel demand fell by 242,000 b/d (15%), the largest single monthly change in U.S. jet fuel demand in EIA’s data, which dates back to 1965.”

Green standards

As aluminum makers vie to burnish their green bona fides, one group argues there should be common standards in order to determine what is and isn’t considered “green” aluminum.

According to Reuters, the consultancy Carbon Trust proposes labeling aluminum as “low-carbon” if it is responsible for emitting four tonnes or fewer of carbon dioxide per tonne of metal produced.

Improve metal purchase timing and mitigate price risk — trial MetalMiner’s monthly metal buying outlook

Australia’s iron ore boost

Coronavirus cases in major iron ore producer Brazil continue to rise, with the country now registering the second-largest number of cases in the world (behind only the U.S.).

The pandemic’s impact on Brazil and its iron ore sector could prove to benefit Australia’s iron ore sector, Australia’s ABC News reported.

According to ABC News, at least 188 workers at a Vale SA mine in Brazil were infected with the coronavirus, which could ultimately result in the removal of approximately 12% of the miner’s iron ore output after a judge ordered the suspension of three mines in the complex.

Leave a Comment

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.