Stocks were at the lowest for the time of year since 1985 and 4.3 million barrels (-11% or -1.94 standard deviations) below the prior ten-year seasonal average.

The deficit has narrowed from 6.3 million barrels (-15% or -2.83 standard deviations) at the start of October 2022, but inventories remain stretched.

Kerosene-type jet fuel is produced by similar refinery processes to diesel and other distillate fuel oils, but at higher quality specifications. Jet supplies have experienced the same pressures as other middle distillates – rebounding transportation demand coupled with worldwide limits on refinery production.

Shortages of other middle distillates have bled across into tight supplies of jet fuel since both draw from the same refinery streams.