Oil prices have rallied since the start of this year, pushed up by the OPEC+ cuts tightening the market and the vaccine rollouts. Analysts and industry leaders have already called the ‘balancing of demand and supply,’ but one corner of the market is still struggling to catch up and will likely struggle for another two years—jet fuel demand. Pre-pandemic, aviation fuel accounted for around 8 percent of global oil demand—not a very large share in itself, but the collapse in air travel has severely cut into jet fuel demand, much more than the demand loss for road transportation fuels. The crash in jet fuel demand will be the hardest to recoup, analysts say, because international—and especially intercontinental—travel is still in the doldrums and unlikely to reach pre-COVID levels until 2023. Many countries still have lots of travel restrictions and travel bans, which will likely stay in place until vaccination […]