I think the implication is that with the covid TP thing, there was not suddenly less toilet paper being manufactured and not suddenly more butts to wipe. So the real supply-demand equation did not fundamentally change, however the demand did APPEAR to change because suddenly people bought way more than they would use in the immediate future to "stock up" for whatever reason. But it was obvious that would balance itself out eventually because people would eventually realize they had way more toilet paper than they needed and not have to buy any more for a period of time.
This is potentially a bit different in that some actual production capacity may be offline for a period of time, thus there could be a real supply impact. That's different from panic buying (as with the TP) or even a simple logistics issue (the oil/base stock is manufactured but can't be shipped right now, but once things calm down it will be). In this case some of the oil/base stock may truly not be manufactured for a period of time, thus creating a true supply reduction as opposed to a temporary demand increase or a logistics issue (which eventually work themselves out). The big question is how much underutilized production capacity is out there that can be brought online relatively quickly to help fill the gap.
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