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OIL PRODUCTS
Airlines are set to consume less jet fuel as the autumn season sets in, according to BNEF.
- Bloomberg forecasts that global jet fuel demand will fall by 2.6% on the month to average 6.52m b/d in September. Demand will then fall to 6.33m b/d in October.
- The driving factor for softening demand is the end to the Northern Hemisphere’s summer holiday period when demand for flights is typically higher.
- Demand in November is then expected to rebound as schedules in Asia, particularly in China, ramp up. Jet fuel demand for international flights from China will exceed 0.13m b/d by November.
- While jet fuel demand is set to come down, prices have been rising and are close to 2022 levels. This is due to tightness in the underlying crude market following OPEC+ output cuts.
Source: Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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