Fresh Drop in Commercial Flights Adds to Jet-Fuel Glut Concerns
- Flightradar24 data show commercial flights at 3-month low
- Airlines and industry bodies have warned of low winter demand
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Autumn has arrived in the northern hemisphere, and with it a fresh slump in commercial flights that will alarm the world’s oil refineries as they struggle with a glut of jet fuel that’s crushing profitability.
The outlook for jet-fuel is crucial for the wider oil market as refiners are confronted by a two-speed recovery in demand from the coronavirus slump. While gasoline consumption has risen sharply as commuters shun public transport in favor of their own cars, demand remains depressed for diesel and jet-fuel.