Even with air travel surging ahead of the Christmas holiday in the US, demand for jet fuel is unlikely to fully recover anytime soon.Foot traffic through airports last weekend topped 1 million people a day for three straight days — something that hadn’t happened since March before the coronavirus shut the nation down. That’s still less than half of what it was at this time a year ago, which doesn’t bode well for a part of the oil barrel that will by most estimates will be the last to recover.The spread between the price of jet fuel and crude oil, a rough gauge of how much a refinery can make for producing it, rose to $8 a barrel. It’s the highest since the pandemic forced most flights to be grounded but far below the roughly $21 margin a year ago.Traffic is “still about 63% less than last year,” Bloomberg Intelligence oil analyst Brett Gibbs said. “We don’t see demand materially recovering until the second half of 2021 at the earliest with mass vaccine availability.”Likewise, domestic jet fuel demand has risen to the highest since April, according to U.S. government data but that’s still half of where… Read full this story
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