Jet fuel demand surged over Memorial Day weekend, though gasoline demand has lagged.
Summer markets for refined oil products are anticipating big numbers, with the AAA teasing the potential for a 4.8% surge in Memorial Day weekend air travelers and rising demand for jet fuel as opposed to gasoline for the busiest driving period of the year, Bloomberg reports. AAA is expecting a two-decade record high number of travelers flying for Memorial Day weekend, further supported by global crude oil consumption that analysts at JPMorgan Chase said on Friday would soar by 2.
“We see jet as our fastest-growing fuel globally,” Bloomberg cited Wood Mackenzie analyst Austin Lin as saying on Monday, adding that we could see U.S. jet fuel demand increase another 5% this year amid strong American consumer spending. At the same time, gasoline demand is rather duller by comparison, up this week but still hovering around two-year seasonal lows, according to JPMorgan, which sees global demand for gasoline declining next year by around 100,000 bpd.
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