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Platts Jet Fuel

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Scandinavia sees healthy jet fuel demand, Copenhagen sees uplift: traders

London (Platts)--27Sep2017/815 am EDT/1215 GMT


Jet fuel consumption in Scandinavia, and Denmark in particular, is in rude health, according to traders, with premiums to the CIF NWE cargo assessment heard in a range of $4-$7/mt.

An uptick in domestic demand in Scandinavia over the summer has resulted in Russian volumes out of Ust Luga being totally absorbed within the region.

Occasionally Russian volumes will make their way into Northwest Europe but Scandinavian demand has limited this move recently.

Jet fuel typically trades at a premium in Scandinavia but one trader reported prices up to the $7/mt level, above the typical $4/mt premium.

Demand is particularly healthy in Copenhagen. In August, Copenhagen Airport reported a 7.8% increase in passengers on intercontinental routes in the first half of 2017 and an overall passenger increase of 2.3%.

In Sweden, Stockholm's Arlanda airport reported a 9% year-on-year increase in passenger numbers in July, with international passenger numbers up 10%.

Spot buying, however, was being limited by the steep backwardation on low sulfur gasoil futures, according to sources, who reported volumes being sold out of storage, limiting interest in import cargoes on the spot market.

--Caroline Knight, caroline.knight@spglobal.com
--Edited by Jonathan Fox, jonathan.fox@spglobal.com

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The Jetfuel Price Monitor is a joint Platts - IATA initiative
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