FILE PHOTO: A pipe transporting jet fuel offloaded from barges in seen at Kinder Morgan's Westridge Terminal on Burrard Inlet in Burnaby, British Columbia, Canada November 18, 2016. REUTERS/Chris HelgrenNEW YORK: For a faint moment, energy traders had an inkling that demand for jet fuel, the worst-hit product in fuel markets due to the coronavirus pandemic, might stage a bit of a rebound.
In Europe, traders were hopeful that the summer vacation season would increase demand for jet fuel. But stocks recently hit a record high despite subdued imports to the region and high exports as more countries impose border restrictions to control the new wave of the pandemic. Exports westward have come largely from countries such as South Korea, Japan and India. That has decreased jet fuel and kerosene floating storage in Asia to 1.1 million barrels from four million barrels in early May, according to Vortexa.The rising stocks in Europe and the low demand in summer encouraged many traders to look into export options. The United States was one of the main destinations in June and July, according to Kpler.
Jet fuel imports to the United States in July increased to 190,000 barrels per day, still 45,000 bpd under year-ago levels, but up 33,000 barrels per day versus June, according to data intelligence firm Kpler.
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