Europe Imports Record Volume of Jet in Early 2017
04.26.2017 - NEWS

April 26, 2017 [OPIS] - Record volumes of jet were imported into the European Union for the first two months of 2017, data from Eurostat, the database of the trading bloc shows.


Some 3.62 million tons (28.56 million bbl) was shipped into the 28 members of the E.U. in January and February, with 1.88 million tons arriving in the first month and 1.73 million tons in the second.

That was up almost 560,000 tons (4.4 million bbl) from the first two months of 2016, which itself saw a record volume, and more than 850,000 tons higher than seen for the same period in 2015.

Imports usually dip over the winter in Europe as demand for flying dips before surging to over 2 million tons a month over the summer.

Around 30% of the tonnage came from the United Arab Emirates, which exported around 550,000 tons in both January and February to the 28 countries of the E.U., or a total of 1.1 million tons (8.68 million bbl).

That was up 350,000 tons from the same period in 2016 and up 740,000 from the first two months of 2015.

It was also more than double the tonnage arriving from Saudi Arabia in January and February, which exported only 450,000 tons (3.5 million bbl) to Europe over the first two months of 2017, down 150,000 tons from a year earlier.

Kuwait’s jet exports tallied a tad more at around 465,000 tons (3.6 million bbl), which was also up 105,000 tons year on year.

South Korean barrels also added to the rising tally, with the far Asian country exporting 300,000 tons (2.36 million bbl) of jet to Europe in January, and then another 100,000 tons (790,000 bbl) in February.

In 2016, the country only exported 150,000 tons to Europe in the first two months of the year.

The U.S. also saw an uptick in exports, shipping around 200,000 tons in January (1.6 million bbl) and then 75,000 tons (590,000 bbl) in February, which was up from 115,000 tons (907,000 bbl) and 67,000 tons (528,000 bbl), respectively, a year earlier.

The U.K. soaked up a large proportion of the incoming jet shipments at a time when contango in the forward curve favored storage economics.

Europe’s biggest consumer of jet fuel in Europe imported a sizable 1.46 million tons of jet (11.5 million bbl) over the first two months of 2017, up 400,000 tons (3.156 million bbl) from a year earlier.

The Netherlands was the second favorite destination, seeing around 650,000 tons (5.13 million bbl) arriving over January and February, about the same as a year earlier.

France saw a drop in imports to 560,000 tons (4.42 million bbl), down from 700,000 tons in January and February 2016.

But there was an increase into Italy to 230,000 tons (1.81 million bbl) over the first two months, up around 150,000 tons year on year.

Spanish imports also rose to 335,000 tons (2.64 million bbl), up 100,000 tons year on year.

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