Thread by @cbjom

1/#IMO2020 is the most significant change to the global refining complex in my lifetime (..however I'm a millennial..sort of) #OOTT

2/#IMO2020 is all about getting rid of ~3.0mln bbls/d of #oil demand and creating ~3.0mln bbls/d of new supply #OOTT

3/#IMO2020 is a play on how confident shippers are (or not) using this new 0.5% blend of marine fuel #oil. Its more of a problem when there is no consensus on what will be gonig into the 0.5% blend. #OOTT

4/#IMO2020 is a play on if/how the world's complex refiners can go that extra mile to get rid of that unwanted high sulphur fuel oil. (Hint: refiners and others must go beyond the call of duty but must be paid to do so) #OOTT

5/#IMO2020 is not just play on how wide gasoil:fuel oil will go, but when it will move. Calendar timing is actually more important than price targets. #OOTT

6/Playing #IMO2020 via gasoil:fuel oil is also a directional play on flat price #crude #oil. #OOTT

7/ #Crude_Quality_Matters for #IMO2020: Out with the sour and in with the sweet. #OOTT

8/ #IMO2020 is the mother of all widowmakers. #OOTT