Maris Research

Commodity Tracker: 5 charts to watch this week

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How is energy demand faring across different sectors and regions amid the evolving coronavirus pandemic? In this week’s Commodity Tracker, S&P Global Platts editors look at global aviation, Chinese fuels consumption, Brazilian power demand and European refining, as well as US LNG output.

1. Lift in air travel helps jet fuel but demand still far from normal

What’s happening? Global aviation continues to recover and global kerosene/jet fuel demand is tracking the pattern closely. Even so, global flights are still running only 61% of pre-pandemic norms, with international travel lagging the recovery in domestic travel. China’s domestic air travel has largely normalized back to pre-pandemic norms. Recovery of flights in developing countries, such as Brazil and India, has lagged the recovery in the US, Europe, and China. Through the pandemic, global jet fuel has suffered the most of any petroleum product, and the fuel remains at a significant discount to gasoil, where it would normally be at parity or a slight premium.

What’s next? International air traffic recovery will be particularly important for jet fuel recovery, as long haul flights use proportionately more fuel than domestic flights. As jet demand picks up further and prices rise, this could potentially help

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