IEA says jet fuel supply concerns ease on higher output

Investing.com -- The International Energy Agency reported Wednesday that worries about jet fuel shortages before the summer travel season have lessened due to increased refinery production and higher exports.

U.S. refineries produced more than two million barrels per day of jet fuel in March, while European facilities produced 1.3 million barrels per day during the same period. Production levels continued to rise in April and May.

American exports to Europe reached record levels as production hit new highs. Domestic jet fuel stockpiles in the U.S. remained above average, which supported the availability of the fuel for export markets.

Nigeria also emerged as a major supplier of jet fuel to Europe. Data from Kpler showed that imports from Nigeria reached 127,000 barrels per day in the first part of June. U.S. imports stood at 136,000 barrels per day during the same period.

In Europe, higher refining margins for middle distillates led to increased production runs in Italy, Norway and Denmark. The completion of maintenance work at refineries in Poland, Belgium and Germany also boosted output.

The IEA noted that the increase in jet fuel production did not reduce diesel output. This suggests refineries obtained more low-sulphur feedstocks for processing through hydrocracking capacity.

"Jet fuel continues to price high enough to sustain its share of the overall product output, with the regrade of jet fuel to diesel narrowing to close to pre-conflict levels, even as diesel cracks remain close to $40 a barrel," the report said.

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