Oil market rebalancing largely complete, except for jet fuel

Market rebalancing has been completed earlier than seemed likely a few months ago, as a result of a strong recovery in manufacturing, progress with vaccinations, hurricane disruptions to crude production, and extra output cuts by OPEC .

LONDON: U.S. petroleum consumption and inventories have returned to normal after the pandemic and volume war last year, with the significant exception of jet fuel, where demand remains suppressed by travel restrictions.

Market rebalancing has been completed earlier than seemed likely a few months ago, as a result of a strong recovery in manufacturing, progress with vaccinations, hurricane disruptions to crude production, and extra output cuts by OPEC+.