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.
High jet prices could support European gasoline demand
High jet prices could support European gasoline demand
London, 28 April (Argus) — High jet fuel prices and reduced flight schedules could support European gasoline demand this summer as some consumers opt to drive rather than fly for leisure travel, market sources said. The price of jet fuel cargoes delivered to northwest Europe has soared since the US-Iran war began on 28 February, tightening supply to a region where demand exceeds local production capacity. Europe relies on the Mideast Gulf for around half of its jet fuel imports, according to Kpler. Delivered jet fuel cargo prices have averaged around $1,557/t since the conflict began, about 90pc above the five-year average for the period. Gasoline prices have also risen but to a much lesser extent, averaging about $967.75/t on a fob Amsterdam-Rotterdam-Antwerp basis, roughly 20pc above the five-year average. Europe is structurally long on gasoline and has not faced supply stress during the conflict so far. Since the war began, jet fuel prices have traded at a premium of around 61pc to gasoline benchmarks, compared with near-parity over the past five years, Argus assessments show. That widening price gap, combined with tighter flight availability, could begin to influence travel choices. While higher airfares alone may not deter consumers, cuts to short-haul flight schedules could prompt more people to seek alternatives to flying abroad this summer. "If short-haul flights continue getting cancelled, people are likely to drive to holiday destinations," one analyst told Argus . Another analyst pointed to fuel duty cuts across parts of Europe as an additional factor that will support gasoline demand. German consumers are delaying road fuel purchases until May to benefit from a temporary energy tax exemption , traders said. Smaller European economies including Sweden and Poland are also cutting fuel duties, while larger markets such as the UK and France have yet to introduce similar measures. "The weather is getting better and people will travel less and less by plane," one gasoline trader said, adding that European gasoline demand "looks ok" compared with east of Suez. By contrast, Asia-Pacific markets have seen sharper demand destruction because of greater exposure to crude and refined product supply from the Mideast Gulf, which remains severely restricted by Iran's effective blockade of the strait of Hormuz. European gasoline demand typically rises seasonally as peak summer approaches. This is usually reflected in the gasoline forward curve, where a contango structure implies strengthening time spreads through spring and summer. But the conflict has flipped the curve into backwardation, signalling stronger prompt market fundamentals. That tighter prompt balance is reflected in active physical trading, with at least 16 benchmark non-oxy gasoline barges exchanged this week and at least 60 oxy barges reported traded. Jet market liquidity, however, remains thin by comparison, while trading activity in physical spot windows has also quietened in recent weeks. "Just a couple of things have been trading," a broker said, potentially reflecting elevated jet fuel prices. Bid-offer spreads in paper markets remain at around $10/t, far wider than the typical 25¢-$1/t range, which may be discouraging counterparties from trading at workable levels. By George Maher-Bonnett Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Europe using US Jet A far from taking off
Europe using US Jet A far from taking off
Houston, 27 April (Argus) — Looming jet fuel shortages in Europe have led some aviation associations to call for allowing the use of Jet A from the US to supplement supplies of Jet A1, but hurdles regarding logistics, safety and pricing would need to be overcome, experts and market participants warn. Europe — like most of the world — uses A1-specification jet fuel, whereas the US uses Jet A. The two specifications are almost identical, but Jet A1 importantly has a freeze point of -47°C, which is 7°C lower than Jet A. Jet fuel supply to Europe has come under significant pressure since Iran's closure of the strait of Hormuz, through which 40pc of Europe's jet fuel imports transit. Europe is replenishing only half of its lost supply at the most and shortages are forecast to emerge in May-June. The US has become Europe's largest jet fuel supplier since the loss of Mideast Gulf flows, with arrivals set to surpass 500,000t in April, double the previous monthly record, Kpler vessel tracking data show. But not all US refiners are capable of producing Jet A1, and A1 cargoes require certification before export, a European trader at a US firm said. Aviation associations have called on the European Commission to allow the use of Jet A in Europe to help mitigate the supply crisis. "There has been talk about that for weeks" in the market, a European broker said. The European Commission could soon explore the matter , its transport minister said. The ruling could boost US jet fuel supply to Europe. US jet fuel stocks totalled 43.7mn bl as of 17 April, more than 10pc higher on the year. Opening the European market to Jet A would create an additional outlet for these barrels, potentially supporting US prices. "It would make my fuel more expensive here," a US fuel procurer said. It would also remove the need for US refiners to segregate Jet A and A1, granting them greater flexibility in placing jet fuel into either domestic or export channels. US market participants caution, however, that sustained export demand would depend on arbitrage economics and logistical capacity, not only regulatory change. Arbitrage economics to ship jet fuel from the US to Europe appear viable, market participants say. European jet fuel was trading around parity with US equivalents prior to the 28 February start of the US-Iran war. European prices have surged sharply because of the conflict, averaging more than $26/bl higher than US Gulf coast jet fuel since that date, Argus assessments show. A recent softening of transatlantic freight rates could further support arbitrage. Pie in the sky? But many consider the allowance of Jet A in Europe unlikely. Airlines could use the US grade for short-haul, lower-altitude flights in warmer areas because of its higher freeze point, although this would be extremely difficult from a logistical perspective. Fuel suppliers may need to dedicate specific storage tanks to Jet A, complicating refuelling operations, as it is unclear whether the two grades could be blended in one tank. "I wouldn't want to be on long-haul to Russia with [Jet A's] higher freezing point", a trader said. It is unfeasible for Europe to use Jet A, according to a senior fuel inspector. Not only are the specifications different, but Jet A1 requires strict traceability from crude sourcing to final blending, including refining components and approved additives. This is to meet Defstan 91-091, the standard specification for Jet A1 set by the UK Ministry of Defence. Jet A has no traceability requirements, the inspector added. The market impact of allowing Jet A in Europe is also unclear. It would increase the US' role as a swing supplier to Europe and heighten the sensitivity of the US to European price movements, as is already the case for diesel. In Europe, the use of Jet A and A1 could create a two-tier market, leaving certain producers at a disadvantage if there are significant margins between the two grades. From 2 March through 24 April, prices for Jet A1 have commanded a $2.10/bl premium over Jet A prices at the US Gulf coast, compared with prices that were near parity in the first two months of the year. Some market participants suggested that Europe could relax or waive the Defstan traceability requirements for Jet A1, supporting US exports without completely altering European specifications or US refining practices. By Amaar Khan and Craig Ross Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Australian fuel stocks exceed levels before US-Iran war
Australian fuel stocks exceed levels before US-Iran war
Sydney, 20 April (Argus) — Australia's fuel stocks are higher than at the outbreak of the US Iran war, energy minister Chris Bowen said on 18 April. Australia held fuel stocks equivalent to 31 days of gasoil consumption, 30 days of jet fuel and 46 days of gasoline under its minimum stockpile obligation (MSO) on 14 April, data released on the same day show. Volumes include those in country storage and cargoes located within Australia's exclusive economic zone. Australia's fuel requirements are contracted until the end of May, Bowen added. Fuel suppliers are required to report stocks every Tuesday and prove compliance with the MSO under federal law by Friday. MSO data were published quarterly prior to the US Iran war but shifted to weekly disclosures in early March . Australia had average holdings equivalent to 32 days of gasoil consumption, 29 days of jet fuel and 38 days of gasoline, according to the most recent quarterly MSO figures, covering September–December 2025. The Australian government will allow domestic sales of 50ppm sulphur gasoline until the end of September, extending earlier temporary relaxations introduced in March. The initial waiver permitted refiner Ampol to sell gasoline above the national 10ppm sulphur limit for 60 days and allowed imports of 50ppm material. From September, suppliers will be permitted to blend higher sulphur gasoline into the broader fuel pool at lower rates until 31 December, Bowen said. Suppliers subject to the MSO can paper trade S-21 tickets with other importers to ensure compliance. An S-21 ticket is a ticket for one litre of gasoil, jet fuel or gasoline. Gasoil remains the tightest market for MSO compliance and the requirement became more stringent after the mandated gasoil stock levels increased from 1 July 2025 to 32 days of cover for importers and 20 days for refiners Viva Energy and Ampol. Viva is typically long on S-21 tickets thanks to its lower days of consumption requirements owing to its 120,000 b/d Geelong refinery. Lower distillates output at Geelong could mean it has less tickets to offer other importers who could be short of their MSO requirements. Importers had their MSO requirements for gasoil and gasoline lowered by 20pc in an attempt to boost supply after a surge in demand from panic buying led to service stations running dry in regional areas. Meanwhile, the fire at Viva's Geelong refinery on 15 April was confined to the alkylation unit, while processing units including the crude distillation and reformer units remain unaffected. The residue catalytic cracking unit (RCCU) is temporarily off line as part of stabilisation efforts. The RCCU unit was restarted in mid-October 2025 following a major maintenance. Viva expects production of diesel, jet fuel and gasoline to return to above 90pc of capacity in coming weeks, subject to plant inspections. The Geelong refinery does not typically process Middle Eastern crude, sourcing supplies mainly from North and South America, southeast Asia and Australia. Viva said it has secured crude supply through July, with high confidence of continued availability. Around one-third of Viva's transport fuel sales are supplied by the Geelong refinery, with the remainder largely met by imports from the Asia Pacific region through its partnership with Vitol. By Tom Woodlock Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
EU downplays IEA warning on jet fuel shortage risk
EU downplays IEA warning on jet fuel shortage risk
Brussels, 17 April (Argus) — The European Commission has sought to downplay warnings about a looming jet fuel shortage in Europe, but has not ruled out taking action if supply from the Mideast Gulf remains disrupted. EU officials are "obviously" aware that jet fuel markets are tight, but "there is no indication of systemic fuel shortages that would lead to widespread flight cancellations", European Commission energy spokesperson Anna-Kaisa Itkonen said today. EU refineries cover around 70pc of the bloc's jet fuel demand, with the remainder met by imports, according to the commission. Itkonen was responding to a warning from the IEA that jet fuel stocks in Europe may fall low enough to cause physical shortages at some airports by June unless the region can secure more than 50pc of its lost Middle East volumes. IEA executive director Fatih Birol reiterated that message on 16 April, telling the Associated Press that Europe has "maybe six weeks or so of jet fuel left" if the strait of Hormuz is not reopened. Despite the EU's more sanguine tone, Itkonen said the commission is still preparing for "possible" supply shortages, and will launch "co-ordinated" action if necessary such as releasing oil stocks. A draft plan leaked earlier this week suggests the commission is due to outline measures to address rising energy prices and energy security on 22 April, focusing on jet fuel and diesel availability, refinery capacity and gas storage filling. There may be some near-term relief. Since Itkonen's comments, Iran's foreign minister has announced that the strait of Hormuz will be open to commercial vessels for the duration of the US-Iran ceasefire . By Dafydd ab Iago Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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