Overview
- Jet fuel has jumped from $2.41 to $4.14 a gallon since the war started, after an early April spike near $5.19, according to S&P Global Platts.
- Global oil stocks fell by almost 200 million barrels in April, and Goldman Sachs estimates only about 45 days of refined products remain worldwide.
- Carriers are raising fuel surcharges, trimming capacity, and canceling routes, with Lufthansa cutting 20,000 flights, Turkish dropping 23 cities, and United reducing its summer schedule by 5%.
- U.S. refineries boosted jet-fuel output for export, which the EIA says cut gasoline production and drained 6.1 million barrels from U.S. gas stocks, pushing pump prices higher.
- IATA warns shortages will worsen in Asia and Europe from June to September, which could force more cuts and higher fares during peak travel.