Investor Presentaiton
Price impact - history or elasticity
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Gasoil prices ands cracks in Europe
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gasoil prices ($/bl)
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•
With low demand response to prices,
diesel prices must significantly
increase to cut demand.
• In Oil 2018 we assumed bunkers
would need 200-250 kb/d of diesel
from inland demand to achieve the 1.2
mb/d -1.3 mb/d needed for the
.
switch.
Equivalent to 20% to 30% increase in
prices.
To switch all remaining HSFO to diesel,
prices would have to ~double to
balance 1 mb/d additional marine
gasoil use.
Diesel prices more than doubled in 2008. Lower spike anticipated in Oil 2018
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