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Asia’s Jet Fuel Market Still Lagging Expectations: Platts

JET FUEL

The macroeconomic weakness that is dragging on demand for crude is filtering into jet fuel, preventing the market from hitting its full demand potential, Platts said in its oil market podcast.

  • Asia’s jet fuel demand fell further and took longer to come out of the pandemic restrictions which hampered international travel.
  • Platts estimates that Asian year-on-year demand growth will remain at around 320k b/d in Q2, largely driven by hopes of a demand recovery led by China and Southeast Asia.
  • Growth is expected to be slower in 2024 compared to 2023, given the low base due to the pandemic.
  • Moreover, operating costs for Asian airlines are also posing a negative factor, worsened by a strong US dollar, inflationary pressures and higher interest rates across many key developed markets.
  • Nonetheless, weaker Asian currencies versus the USD has made some destinations more popular with tourists, which could offset some of the lost demand.
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