The U.S. is swimming in so much jet fuel that even this summer’s surge in air travel can’t save the market. Air traffic in the U.S. has jumped to more than 2 million passengers a day, about 78% of where it was in the summer of 2019, according to the Transportation Security Administration. That’s done little to diminish the massive glut in jet fuel stockpiles, which stand at their highest seasonal level in a decade. Part of the problem is that refiners are trying to cash in on resurgent gasoline demand by raising production rates, which indirectly leads to more jet fuel output. The global oil market can’t fully recover to pre-pandemic levels until jet fuel consumption is back to normal. The U.S. has one barrel of jet fuel for every three barrels of diesel and every five barrels of gasoline in inventory, Energy Information Administration figures show, leaving […]