The last puzzle piece needed for a complete recovery in oil demand is falling into place with air travel consumption showing the first signs of sustained growth since the pandemic. Implied jet yield at U.S. refineries or the percentage of crude oil turned into jet fuel, has risen consistently since mid-November and is holding at 9% or higher, data from the U.S. Energy Information Administration show. Typically, about 10% or 11% of crude is used to make jet fuel. Jet fuel has been the biggest laggard in the oil market’s recovery. For much of the pandemic, refiners were forced to limit how much crude they processed to avoid making jet fuel at a loss even as gasoline and diesel demand returned. Thanks to the steady return of air travel that trend is slowly reversing. An average of 1.88 million passengers per day took to […]