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Jet Demand is Bright Spot with Limited Uplift: BNEF

JET FUEL

Jet fuel demand is up year on year with flight schedules extending into H2, though an inventory cushion and relative scale could limit margin uplifts, BNEF said.

  • Product supplied in H1 was 2% above 2023, with H2 flight schedules 4% up on the year. TSA checkpoint count was also up 6% on the year.
  • Nonetheless, US stockpiles ae 5% above the seasonal five-year average, excluding 2020.
  • Of the three major refined products – gasoline, diesel, and jet fuel – the latter is just 11% of demand.
  • Refiners have some flexibility to adjust product mixes, which could boost the jet yields. However, this will likely cap jet cracks near the diesel equivalent in H2, BNEF said.
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