Thursday, 29 June 2023

Jet fuel exports to Europe help meet summer rush, set for new record

July falls in the middle of the European summer travel season that lasts from June to August.

India’s export of aviation turbine fuel (ATF) could touch an all-time monthly high in June and the country is likely to be Europe’s biggest source of jet fuel in July, which also marks the peak of the continent’s summer travel season, as per an analysis of data shared by commodity market analytics and intelligence firm Kpler.

India’s ATF export volumes so far in June have averaged at a record high of 208,433 barrels per day (bpd). As per Kpler data, the previous peak of 206,871 bpd was in June 2018. More than half of the dispatched ATF volumes from India this month are headed for Europe, where they are likely to arrive in July as the voyage usually takes about a month.

As per Kpler’s estimates, European imports of ATF in July are likely to be around 435,482 bpd, of which 131,136 bpd, or over 30 per cent, are likely to be from India. Indian refiners, particularly export-oriented private sector players Reliance Industries and Nayara Energy, have emerged as major suppliers of refined petroleum products to Europe as the continent shuns Russian crude oil and petroleum fuels over the war in Ukraine. Interestingly, this comes alongside Indian refiners snapping up discounted Russian crude, leading to the perception that products derived from Russian barrels may be reaching European shores via India.

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Jet fuel exports to Europe help meet summer rush, set for new record

July falls in the middle of the European summer travel season that lasts from June to August. India’s export of aviation turbine fuel (ATF) ...