Global jet fuel demand started shrinking in February, when consumption in a group of representative countries receded by 3% to 3.32 million barrels per day. The broad decline occurred in both industrialized and developing countries, knocking fuel demand gains off their 3% annual trajectory. That dovetails with a slowdown in passenger traffic and freight flows as economic weakness and lower trade volumes take their toll. Weak consumption trends took hold in all the industrialized world except Canada. US liftings were steady versus year-earlier rates, while Japan saw a steep 9% decline that erased a fourth-quarter gain.
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