European refiner hopes for a driving season

Varo sees the potential for a desire to holiday but a reluctance to fly recreating the US phenomenon on the other side of the Atlantic

 Global jet fuel demand is unlikely to recover until 2022 at the earliest but will possibly take until 2024 to get back to pre-pandemic levels, in the views of trader Vitol, bank JP Morgan and European refiner Varo. But the last of these sees the possibility for an appetite in Europe to travel but not to get on a plane to create a so-called ‘driving season’ similar to those of the US spring/summer, where driving to vacation spots is more common. “We do not think jet demand is going to go back to pre-Covid levels before 2022,” Giovanni Serio, global head of research at Vitol told a Bloomberg panel to coincide with IP Week in late February. “Jet is not a matter of consumer behaviour, it is a m