Global Demand Trends: Higher Prices Take Their Toll

摘要

Spiking oil prices took the heat out of developing countries’ jet fuel demand growth in February, with demand in a representative group up only 0.7% year-on-year. Carriers in Asia were the worst affected with South Korean jet buying down 1.4%, despite the Winter Olympics, as rival kerosene demand for home heating pushed jet premiums to a five-year high. Korean kerosene demand spiked 18% year-on-year in February while Japan’s kerosene buying was 8% higher as North Asia suffered its coldest winter since 1979.