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Key quotes

“Expect a strong recovery in demand except for business travel.

Before we used to have these internal meetings and things of that nature, and I think this is going to be way more Zoom-oriented, other types of substitutes.

Look at the routes that the airlines are planning when they come back, they’re not going to be at the same level that they were previously.”

We believe demand will exhibit a V-shaped recovery.

Oil supply could take a little longer to get back online as wells need to come back online, companies need to increase spending.

Supply will exhibit an L-shaped recovery

It could mean demand rises above supply as early as June 1.

While demand returns to normal it will be from a base with less business travel.”