JET FUEL: India’s Air Passenger Traffic Rises on Year in April: Argus
May-22 16:59
India’s domestic air passenger traffic rose by 8% year-on-year to 14.3m in April but dipped 1% from March, according to the Civil Aviation Ministry, cited by Argus
- For January to April, passenger numbers increased nearly 10% to 57.5m, signalling a steady recovery in domestic air travel.
- This growth also supports rising jet fuel demand, which climbed 4% year-on-year in April to 202k b/d, based on data from the Oil Ministry.
- Despite increased demand, state-run refiners reduced jet fuel prices by 6% in April.
- Prices in major cities like New Delhi, Kolkata, Mumbai, and Chennai ranged from Rs83,575 to Rs92,504 per kilolitre, easing cost pressures on airlines, for whom fuel makes up 30-40% of operating expenses.
- However, military tensions with Pakistan in May disrupted aviation operations. Around 32 airports in northern and western India were temporarily shut due to heightened security risks, affecting both domestic and regional flight schedules.
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US TSYS/SUPPLY: 2Y WI
Apr-22 16:56
The 2Y WI holds at 3.787%, 19.7bp rich to last month's in-line sale (3.984% high yield vs. 3.985% WI).
UK: ONS Corrects March Claimant Count Rate Data
Apr-22 16:54
- "*UK'S ONS CORRECTS MARCH CLAIMANT COUNT RATE TO 4.6%"
- "*UK'S ONS CITES `MINOR PROCESSING ERROR' FOR DATA CORRECTION" (BBG)
- For reference, previously the March claimant count rate had been reported as 4.7%.
OPTIONS: Large Euro Rate Upside Notable In Return From Holiday
Apr-22 16:52
Tuesday's Europe rates/bond options flow included:
- RXK5 129/130.50cs, sold at 146 in 12.5k
- ERM5 97.8125/97.9375cs, sold at 9.75 in 20k
- ERM5 98.12/98.25 call spread paper paid 1.25 on 5K
- ERU5 98.375/98.50/98.625c fly, bought for 2.5 in 10k
- ERZ5 98.3125/98.0625 put spread, paper sells for 8 in 15k
- ERZ5 98.3125p, sold at 14.5 down to 14 in 8k.
- ERZ5 98.1875/98.4375/98.6875/98.9375c condor, bought for 10 and 10.5 in 25k total
- ERZ5 98.50/62 call spread vs. 98.31/18 put spread paper paid 0.5 for the put spread on 13K
- ERZ5 98.75/99.00/99.25c fly, bought for 2.25 in 8k
- ERH6 98.4375/98.125 1x2 put spread, paper pays 2.25 in 9.5k
