Commodities
US Jet Fuel Demand Hits Record High as FIFA World Cup Spurs Air Travel
US jet fuel demand climbed to a record high in the week ended July 17, according to data from the US Energy Information Administration.Total US jet fuel supplied for the week neared 2.15 million barrels per day, up from 1.76 mmbbl/d the prior week, and 1.68 mmbb/d during the same period last year, EIA data showed. It also surpassed the prior weekly record of 2.11 mmbbl/d in December 2017.This surge was supported by the FIFA World Cup, as fans shuttled between New York, New Jersey, and other major venues, according to a Reuters report, citing UBS oil analyst Giovanni Staunovo.On July 19, the day of the tournament's final match between Spain and Argentina, more than 2.9 million passengers passed through airport security checkpoints, up from 2.5 million the day prior, Reuters reported, citing the US Transportation Security Administration.This was in part due to the World Cup being hosted across three different countries and 16 venues in the US, Mexico and Canada, leading to significant demand for air travel, according to Reuters, citing IATA.