Reuters
Global flight activity passed pre-pandemic levels for the first time in four years last week, but jet fuel demand growth has not kept apace as newer fleets of aircrafts become more fuel efficient and carry more passengers. Aviation fuel, a product refined from crude oil, has been the single biggest contributor to oil's post-pandemic bonanza, accounting for almost half the increase in total oil demand, according to the International Energy Agency (IEA). That makes jet fuel's pace of growth critical in forecasting how long it will take for fossil fuel demand to peak - the biggest question energy market participants are grappling with.