Norvergence: Coronavirus and what it means for Energy Sector?

Norvergence: Because of the decrease in financial and mechanical movement activated by COVID-19, the LNG segment is confronting a ton of difficulties.

Norvergence: Also, the airline industry is devastated so we can assume most of that consumption will stop during this crisis. Assuming long-haulers won’t stop shipments too much because they are essential, diesel may not drop too much.

Norvergence - Energy Sector

But gasoline will drop dramatically as we all hunker down, work from home, stop recreational travel, and shutter all restaurants, bars, and sporting events.

Norvergence: The average commute in the United States is 45 minutes and about 80% of that uses gasoline. According to the U.S. Census Bureau, 85% of our 150 million workers (or 128 million people) drove to their workplace in an automobile.

Read more about the decline in the energy sector

 

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