- Air travel rebound boosts bullish sentiment around U.S. jet fuel market (Bloomberg)
- The U.S. west coast brought in three cargoes of jet fuel from Asia, as air travel has reached a post-pandemic high. According to United Airlines CEO Scott Kirby, the Los Angeles International Airport (LAX) has seen eight of its ten busiest days in the last year this month
- The rebound in air travel bodes well for a constructive demand outlook this year, as jet fuel demand was widely assumed to be the primary petroleum product lagging
- West Coast jet fuel inventories are at their lowest seasonal level in the last nine years, according to the EIA
- Global demand may eclipse 100 MMBbl/d by year-end, according to Standard Chartered
- The bank also noted that demand is on track to reach 98 MMBbl/d in 3Q2021
- They also pointed out that half of the incremental demand required to reach the 100 MMBbl/d mark will come from the following eight countries: The U.S., China, Mexico, Germany, Saudi Arabia, Canada, the U.K., and Italy
- EIA weekly data is due at 9:30 am CST
- U.S. Crude Inventories: — 3,265 MBbls (Avg. Bloomberg surveys)
- U.S. Gasoline Inventories: + 947 MBbls
- U.S. Distillate Inventories: - 1,278 MBbls
- U.S. Refinery Utilization: + 0.59% change