Global oil trading companies are ramping up jet fuel exports from Asia to Europe and the United States, as widespread anti-coronavirus vaccinations and relatively lower infection rates allow commercial travel to resume faster in Western countries.

The strong demand from the West has fully drawn down surplus jet fuel stored on ships around Singapore, while refiners’ margins for the aviation fuel – a big drag on overall profits during the COVID-19 pandemic – have nearly trebled since end-March.

Asia exported about 417,000 barrels per day (bpd) of jet fuel to Europe and North America combined in April-May, nearly 32% higher than 316,000 bpd for February-March period.

et fuel volumes in floating storage facilities have consistently stayed at zero for the past four weeks for the first time since March last year, according to data intelligence.

There were about 313,000 barrels of jet fuel stored in ships in early May, already 90% lower compared with the same time last year, data showed.