ジェット燃料
概要
原油価格、精製能力による供給問題、継続的な規制変更などジェット燃料市場の変動は、お客様の収益にとって継続的なリスクです。
燃料価格の選択肢を持つことは、リスクを軽減し、市場の変化への柔軟な対応に不可欠です。アーガス は、各市場に適した方法で価格インデックスを構築しています。これにより、市場参加者は日々の業務を調整し、燃料コストの管理を改善し、純利益に直接影響を与えることができます。
ジェット燃料は航空会社の総運航費の40％以上を占めます。政府の義務付けや航空会社の自主規制により、持続可能な航空燃料（SAF）の重要性が高まっており、運航コストに大きな影響を及ぼしています。
アーガスは、従来のジェット燃料とSAFの価格アセスメントと取引情報、最新の市場動向ニュース、詳細分析、需要動向、価格予測により、ジェット燃料市場参加者の皆様の最善の意思決定、戦略最適化をサポートします。
Latest jet fuel news
Browse the latest market moving news on the global jet fuel industry.
Australia's Virgin, Qatar given approval to add flights
Australia's Virgin, Qatar given approval to add flights
Sydney, 18 February (Argus) — Privately-held airline Virgin Australia has been given approval by the Australian Competition and Consumer Commission (ACCC) for a planned agreement with state-owned carrier Qatar Airways to boost international flights to Australia. The proposed co-operation includes 28 new weekly return flights from Doha to Perth, Brisbane, Sydney and Melbourne beginning in mid-2025, and is likely to benefit travellers and increase choices for consumers, the ACCC said. Virgin plans to wet-lease aircraft from Qatar to operate the services and has already commenced selling fares. Virgin entered voluntary administration during the Covid-19 pandemic in 2020 before being sold to US private equity investor Bain Capital. The company, Australia's second-largest consumer of jet fuel, formerly operated long-haul flights but has since only operated flights to Australia, New Zealand, the Pacific and Indonesia. Qatar agreed to buy a minority 25pc stake in Virgin in 2024 as part of its expansion into Australia after it was refused authorisation to increase flights to the country by the federal transport minister. The Australian Foreign Investment Review Board and federal treasurer have yet to approve the deal. Australia's sales of jet fuel for international flights averaged 91,000 b/d in 2024, up by 17pc on the year from 78,000 b/d in 2023, according to Australian Petroleum Statistics. Total jet fuel sales were at 161,000 b/d. International jet fuel sales totalled 102,000 b/d in 2019, the final full year before the pandemic. Australia's jet fuel imports totalled 128,000 b/d in 2024, up by 8pc on the year. Further demand growth is likely, with Sydney — Australia's largest airport — reporting international passenger numbers 4pc below 2019 figures in 2024. By Tom Major Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Sydney Airport transits up by 7pc in 2024
Sydney Airport transits up by 7pc in 2024
Sydney, 29 January (Argus) — Passenger numbers rose on the quarter and year at Australia's Sydney Airport in October-December, but remain behind pre-Covid-19 levels, meaning jet fuel demand is likely to be higher in 2025. Total transits at the nation's busiest airport were up by more than 500,000 on a year earlier in the quarter, aided by a 7pc rise in international passengers, while domestic numbers were up by 4pc. Numbers were also up in 2024 compared with 2023's annual figure, again aided by a 12pc rise in international terminal passengers, while domestic numbers rose by just 4pc. Total transits of 41.39mn were 7pc higher than a year earlier but are still 7pc below 2019 levels, the last full year before pandemic-era travel restrictions resulted in Sydney's figures dropping by 75pc in 2020 . Passenger traffic at Australia's Melbourne Airport — the nation's second busiest — rose by 7pc on the year in 2024 to 35.75mn , 5pc below 2019's 37.45mn. Jet fuel sales rose by 11pc in the first 11 months of 2024 to 160,000 b/d, with November the latest month for which data from Australian Petroleum Statistics are available. The figure was 161,000 b/d in January-November 2019, suggesting further growth in jet fuel demand is possible this year. By Tom Major Sydney Airport passenger traffic mn Oct-Dec '24 Jul-Sep '24 Oct-Dec '23 2024 2023 2019 q-o-q % ± y-o-y % ± 2024 vs 2023 % ± Total 11 10.3 10.5 41.4 38.7 44.4 6 5 7 International 4.4 4 4.1 16.3 14.5 16.9 8 7 12 Domestic 6.7 6.3 6.4 25.1 24.1 27.5 5 4 4 — Sydney Airport Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Viewpoint: European jet may struggle to find support
Viewpoint: European jet may struggle to find support
London, 2 January (Argus) — European jet fuel prices weakened over the course of 2024, and support is difficult to see in the coming year. Outright jet fuel values in Europe averaged $802/t between January and November, with the highest prices between February and April. In the second half of 2024 prices fell, to average $721.50/t in November, down by almost 18pc from January and even more compared with the November 2023 average of $921.50/t. In December, values for delivered jet fuel cargoes often dropped to below $700/t ( see graph ). Jet fuel supply to Europe ramped up in 2024, and was consistently strong throughout the year . This peaked in August-September, coinciding with the fall in prices. Large developments in Middle Eastern refinery capacity caused the increases in supply. Refining margins for jet fuel in Europe are likely to remain underwhelming. Argus Consulting estimates jet fuel premiums to North Sea Dated to average around $13/bl in 2025, compared with $20.53/bl in the first 11 months of 2024 and $29.30/bl in 2023. Weaker overall refining margins have led to capacity closure plans in 2025, so imports will probably compose a greater proportion of European jet fuel supply in the coming years. Eurostat data for January-July 2024 show a 0.7pc year on year rise in EU jet fuel demand. Argus Consulting calculates European jet fuel demand was 1.5pc up on the year for all of 2024. Flights across the Eurocontrol network totalled more than 9.44mn in January-November, higher by more than 10pc from the same period in 2023. Most areas in Europe have now equalled or surpassed pre-pandemic flight levels. Yet strong supply seems to have outstripped rising demand in 2024, and market participants expect the same in 2025 even though Middle East and Indian refiners now say arbitrage economics to Europe are closed . With northwest European jet fuel holding its narrowest premium to Singaporean jet fuel in three years, more jet has been shipped east in recent months. Since late November, Singaporean values have even surpassed those in Europe. But market participants do not expect serious tightness in European supply. Even air traffic growth may not proportionally raise European jet fuel demand in the coming year, as sustainable aviation fuel (SAF) mandates now require at least 2pc blending in the EU and UK, as of 1 January. European SAF prices fell by more than 30pc between January and November ( see graph ), as SAF supply and refining capacity grew ahead of the mandate. Increasing mandates in the coming years may weigh further on fossil jet demand. Crucially, however, suppliers only need to include 2pc SAF in all jet fuel over the course of the year, not immediately. This means many European suppliers will continue to use 100pc fossil jet fuel until the early part of 2025 at least. Some market participants have confirmed they intend to do this, while the relevant SAF infrastructure, logistics and administration are finalised. Fossil jet fuel balances may therefore be little changed early in 2025 — although if suppliers blend less than 2pc SAF at first, they would need to blend more than that later in the year, using accordingly less fossil jet at that point. Increasing fuel efficiency of aircraft has been pressuring European jet fuel demand. But Boeing and Airbus are heavily delayed in their delivery of newer, fuel-efficient aircraft. Boeing had 4,750 unfulfilled orders of its 737 MAX aircraft as of late October, while Airbus lowered its commercial aircraft delivery targets earlier this year . Aviation analytics firm OAG has forecast supply of aircraft will remain tight until at least 2026. This led fuel efficiency in Europe to improve by only 1.1pc in 2024 compared with 2023, according to Argus Consulting . By Amaar Khan Jet/kerosine NWE cif $/t RED SAF fob ARA $/t Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Viewpoint: US fuel oil supply challenge to deepen
Viewpoint: US fuel oil supply challenge to deepen
Houston, 30 December (Argus) — US residual fuel oil supplies are dwindling and face multiple challenges in 2025 because of reduced global inventories and a persistent backwardation in the domestic market. Total US inventories of residual fuel oil fell to a historic 42-year-low multiple times during 2024, including nine instances in the fourth quarter alone, according to Energy Information Administration (EIA) data. Supplies hit rock bottom at just under 23mn bl in the week ending 29 November, down by 12pc year-on-year. Despite the shrinking supplies, the US market has shown little reaction. Throughout 2024, ICE Brent futures — the basis for US residual fuel oil — remained in backwardation between the front and second month, averaging $0.60/bl. This is nearly double the full year 2023 backwardation average of $0.39/bl. The persistent backwardation of the fuel oil curve means inventory figures lack the drive to encourage wholesalers and retailers to make purchases in anticipation of future demand, traders said. The diminishing future value results in potential losses for traders who are considering purchasing spot barrels for storage as forward prices are lower than current spot prices. Residual fuel oil is primarily used as a maritime fuel for large ships, a fuel for backup power generation and for various industrial purposes. In the US it is often refined further into other road fuels. The production of US residual fuel oil has been steadily increasing in recent years, beginning even before implementation of the International Maritime Organization's 2020 global rule imposing a 0.5pc sulphur cap on marine fuels. However, output averages over the past four years remain well below pre-2019 levels. Since the US imposed sanctions on Russian fuel exports in February 2023, weekly residual fuel oil imports into the US have averaged just over 100,000 b/d, nearly half of the previous two-year average at 196,000 b/d. Mexico has now become the largest fuel oil exporter to the US, accounting for nearly 33pc of all US fuel oil imports over the past two years, claiming the top spot from Russia. Planned expansion of Mexico's refinery infrastructure may crimp US supplies, however. Mexican state-owned Pemex's 400,000 b/d Dos Bocas refinery — which is still in the start-up process — would take a greater share of Mexico's Maya crude. Maya crude yields a significant portion of fuel oil when refined. This would leave less Maya bound for the US, which has taken nearly 60pc of Mexico's Maya over the past three-years, according to Vortexa data. Pemex is also adding two new coker units to its Tula and Salinas Cuz refineries as part efforts to become more self-reliant and add an additional 168,000 b/d of road fuel output. Coker units process fuel oil to turn it into higher value road fuels, which would curtail flows to the US. Refinery maintenance involving a few US crude distillation units is set to begin in January, which could further limit domestic fuel oil production. The National Weather Service's winter forecast for the east coast is expected to be warmer than usual, likely leading to reduced demand for both high-sulphur fuel oil used in power generation and low-sulphur blending components. By Craig Ross Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
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