European Airlines Downplay Summer Fuel Shortage as Jet Fuel Nears $1,400 a Ton

8 articles · Updated · Reuters · May 14

European airlines, airports and tour operators said summer jet fuel supplies remain secure despite the Strait of Hormuz crisis, with Lufthansa covered through mid-July and TUI seeing no summer impact beyond higher prices.
Jet fuel has climbed to about $1,400 a metric ton—roughly double pre-Iran war levels—as blockades by Iran and the U.S. choke flows through Hormuz, which handles about a fifth of global oil and underpins a quarter of Europe's jet fuel supply.
Airlines have offset disrupted Gulf supply by paying premiums for cargoes from the U.S. and Nigeria, while European airport operators raised jet fuel reserves by more than 60% in April, according to i6 Group.
The reassurance contrasts with warnings from traders and the IEA, which said global oil supply will not meet demand this year; stocks in the Amsterdam-Rotterdam-Antwerp region are also near record lows.
EU Energy Commissioner Dan Jorgensen said no serious short-term supply problem is expected, but he warned longer-term risks still depend on how the Middle East conflict develops.

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