For a faint moment, energy traders had an inkling that demand for jet fuel, the worst-hit product in fuel markets due to the coronavirus pandemic, might stage a bit of a rebound.
FILE PHOTO: A pipe transporting jet fuel offloaded from barges in seen at Kinder Morgan's Westridge Terminal on Burrard Inlet in Burnaby, British Columbia, Canada November 18, 2016. REUTERS/Chris Helgren
In Europe, traders were hopeful that the summer vacation season would increase demand for jet fuel. But stocks recently hit a record high despite subdued imports to the region and high exports as more countries impose border restrictions to control the new wave of the pandemic. The rising stocks in Europe and the low demand in summer encouraged many traders to look into export options. The United States was one of the main destinations in June and July, according to Kpler.
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