©Reuters A pipeline carrying jet fuel unloaded from intrude seen at Kinder Morgan’s Westridge Terminal on Burrard Inlet in Burnaby
By Stephanie Kelly, Koustav Samanta and Bozorgmehr Sharafedin
BRAND-NEW YORK/SINGAPORE/LONDON (Reuters) – For a faint minute, energy traders had a hint that demand for jet fuel, the worst-hit item in fuel markets due to the coronavirus pandemic, may stage a little bit of a rebound.
The variety of flights increased in the United States in early July, making some traders positive. That stimulated a bunch of deliveries of jet fuel to the U.S. West Coast from locations in Asia.
But with a renewal in coronavirus cases, guest air traffic has actually drawn back. Commercial air travel was quickly the hardest-hit of the significant transportation sectors when coronavirus hit, provided the close distance of guests in an air-conditioned area where infections can spread out. International flights stay down more than 80% from year-ago levels, Rystad Energy stated.
In Europe, traders were enthusiastic that the summertime getaway season would increase demand for jetfuel But stocks just recently struck a record high regardless of suppressed imports to the area and high exports as more nations enforce border limitations to manage the new age of the pandemic.
Stocks had actually set …