Europe is gaining from lower jet fuel prices this summer. This lets airlines save money and travellers enjoy lower fares. The refined product imports from Asia rose sharply.
Vortexa shows Europe took in about 11.5 million barrels of jet fuel from Asia since early August. That is a record high for this time of year.
Most of that fuel came from China and South Korea. A trader told the Financial Times: “We have record arrivals from the Far East if you look at the amount of [jet fuel] loading out of China and Korea.” The trader added that this surge reflects both strong supply and strong demand.
China boosted its jet fuel output as demand stayed strong. Unlike gasoline and diesel, jet fuel has no major substitutes. This supports production. The growing imports show Europe still craves fuel despite green aims to cut flying. Falling prices—from 2022’s highs—make air travel cheaper again.
But there is a concern. Europe now imports more because local refineries are shutting down. They can’t compete with modern Asian plants. “As you get more European refineries closing down … you get more oil coming from the Far East,” the trader warned. That trend undercuts Europe’s push for energy self-sufficiency.
Read also Clean fuel ambitions: 160 jobs at risk as UK’s biggest bioethanol plant set to close
