11 Jan 2023

China Jet Fuel Demand Set To Soar Ahead Of Lunar New Year

China's oil demand could surge as it reopens after scraping zero Covid restrictions. Beijing's Covid curbs weighed on crude and refined products demand for three years. Soaring air travel demand ahead of the Lunar New Year is yet more evidence fuel demand is gathering steam. China's easing of border restrictions imposed almost three years ago has been a recent boon for air travel, domestically and internationally. There are no more mandatory quarantines for travelers arriving in China. BloombergNEF said jet fuel demand is rising in China ahead of the holidays. They noted that scheduled passenger flights for Jan 10 to 16 indicate jet fuel demand has reached about 0.61 million barrels per day (mbpd), rising 0.10 mbpd compared with a week earlier. Then by next week, jet fuel demand could increase to 0.72 mbpd. This would mark the highest demand for Chinese jet fuel in more than 1.5 years. Source: Bloomberg, www.zerohedge.com


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