Prices of jet fuel under pressure on Tuesday after countries impose travel bans and travelers reconsidering their travel plans amid threats by Omicron.
According to International Energy Agency, jet fuel demand has been forecasted to post strongest growth of 550,000 barrels a day to 5.9 million barrels a day in the fourth quarter. However, variant Omicron dampens outlook of the forecast.
Asian refining margins for jet fuel inched down to the lowest point in more than two months on Monday to $6.92 a barrel, according to Reuters. The front-month time spread for jet fuel in Singapore flipped to a contango for the first time since September-end, Reuters reported.
Hong Kong has put ban on entry from several countries while Israel and Japan have announced border closures for all foreign travelers.