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JET FUEL
About 9m air passenger trips will be made during the upcoming holiday period in China that starts on April 29 according to data from Civil Aviation Administration of China.
- The number of domestic flights is expected at 65,000 during the holiday, and airlines will operate 3,500 international flights.
- It compares to 6.9m air passengers for the same holiday in 2019 which was before covid demand destruction.
- JP Morgan’s commodity research places Chinese jet recovery as the single biggest driver of world oil demand growth this year.
- Air demand during this latest holiday period will be a key indicator of the Chinese economic recovery which is supporting oil demand in 2023 as other major economies battle recessionary pressures.
- China’s total number of domestic passenger flights should nearly equal pre-pandemic levels in the second quarter, according to a forecast from the China Air Transport Association while international will lag at around half of what it was.
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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