Slowing demand growth and rising supply is adding downside risk to US Gulf Coast and NW European jet fuel cracks vs the curve into 2025, according to Bank of America on Aug 2 cited by Bloomberg.

• “The broader demand trends for jet fuel remain soft, just as the supply of both fossil and sustainable jet fuels is set to keep increasing.” 
• “Slower demand growth and weak industrial activity weigh on the jet crack outlook”
• Weak global trade and industrial activity is adding to a lag in the recovery in international travel behind domestic trips.
• Inventories are rising boosted by supply from new refineries and SAF facilities to outpace demand.
• A reduction in interest rates and possible China stimulus after the US election could provide support next year as the market remains a key driver of longer term oil demand growth.