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MNI COMMODITY ANALYSIS: Chinese Labor Day Holiday Set to Boost Jet Fuel

Photo by willy wo on Unsplash
white and blue airplane under white clouds during daytime

Executive summary:

  • Chinese jet fuel demand is widely seen as the backbone to global oil demand recovery in 2023 – a key area of growth as other major economies face recessionary pressures. Whilst Chinese domestic flying has rebounded since early in the year, international flying from China has lagged behind only beginning to significantly grow in March - leaving significant growth potential on the cards for jet in Q2.
  • The upcoming Labor Day holiday in China, spanning April 29 to May 3 for most, has already set a buoyant tone with booking information showing a surge in tourism both domestically and abroad.
  • It may serve as an inflection point for longer term Chinese international flying demand, allowing more airline schedules to open up. They had been somewhat reserved as airlines gauged the return in demand post lockdown. The market remains poised to see if it represents a pent-up surge that fizzles out on high ticket prices or is indicative of a longer-term trend.

Full piece here:

MNI Chinese Labor Day Holiday Set to Boost Jet Fuel.pdf



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