Demand for jet fuel in China will soar ahead of Lunar New Year

A sharp increase in the number of flights before the Lunar New Year is another evidence of the rising need for fuel.

According to BloombergNEF, in China, the demand for jet fuel grew before the holidays. It is indicated that regular passenger flights in the period between January 10 and 16 show an increase in the need for kerosene-type jet fuel. Demand for this jet fuel is almost 0.61 million barrels per day. It is 0.10 million barrels per day bigger than the week before. Next week, 0.72 million barrels per day may be necessary. It will be the highest demand for kerosene-type jet fuel in China for more than a year and a half.

Another evidence of recovering oil demand in the country is a huge quota for crude imports provided to refiners. Traders, who are competent in this matter, said to Bloomberg the quotas for this year reach 132 million per year. As a comparison, last year, in the same period, the quota for crude imports was 109 million tons.