Airlines worldwide are reeling from catastrophic price swings in the jet fuel market, with some major carriers completely exposed to the volatility, according to the International Air Transport Association (IATA).
Speaking at the S&P Global Energy Middle East Petroleum and Gas Conference on Wednesday, Daniel Chereau, IATA's head of fuel, warned that surging refinery profit margins—known in the industry as crack spreads—have severely damaged the aviation sector. While some airlines with advanced financial hedging strategies have a temporary cushion, many lack the ability to protect themselves from the financial shock, News.Az reports, citing Reuters.
The ongoing conflict in the Middle East has completely fractured the global aviation supply chain. Because the region supplies a vast portion of the world's aviation fuel, the effective closure of the Strait of Hormuz and repeated attacks on energy infrastructure have crippled production and exports.
The financial fallout has been immediate and historic:
The Surge: In Northwest Europe, the jet fuel crack spread skyrocketed to an all-time high of over $121 per barrel.
The Comparison: Prior to the outbreak of the war in late February, that same metric sat at just around $30 per barrel.
Airports "Running Dry" Triggering Flight Cancellations
Chereau revealed that "demand destruction" is rapidly bleeding into the aviation sector. Crucially, this drop in demand isn't just because tickets are getting more expensive—it's because airlines literally cannot find the fuel to fly.
"Demand destruction has been caused by airlines cancelling flights... in some parts of the world, airports are running dry of fuel for short periods of time." — Daniel Chereau, IATA Head of Fuel
Though IATA declined to name the specific airlines or regions most severely impacted, Chereau issued a stark warning: these sudden fuel droughts will likely become more frequent. The longer the Middle East conflict drags on, the more the industry will see prolonged passenger-side demand destruction as global flight schedules fracture.
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