XOM - 3 Energy Giants Set to Soar With Record Jet Fuel Demand | Benzinga
The resurgence of jet fuel production to pre-COVID levels in the United States signals a robust recovery in the aviation sector, which has a broader impact on various facets of the economy. This surge is fueled by a booming demand for air travel, with U.S. refiners ramping up production to meet this unprecedented need. Recent data from the U.S. Energy Information Administration and industry analyses paint a promising picture for key players in the oil and energy sector.
Record-Breaking Jet Fuel Production and Demand
According to the EIA, U.S. refiners produced approximately 1.9 million barrels per day (bpd) of jet fuel last week. This marks an 8% increase from the prior-year period level and is the highest weekly total since January 2020. The four-week average jet fuel demand reached 1.75 million bpd, the highest for this time of the year since 2019. As summer travel peaks, agencies forecast a record number of passengers at airports, propelling jet fuel consumption above its pre-pandemic peak for the first time. U.S. refiners have added more than 2 million barrels of jet fuel to stockpiles since the beginning of the year.
3 Stocks to Keep an Eye On
As refiners ramp up their output to meet soaring demand, several energy companies stand to benefit. To simplify matters for ...