FLIGHT DATA: European flight numbers up 5.6% on week, growth slows

Quantum Commodity Intelligence - Flight numbers in Europe were up 5.6% last week and continued to close the gap to 2019 levels, data from Eurocontrol showed Monday, although the rate at which flights are being added is starting to slow.

Flights in 41 countries, ranging from Iceland to Morocco, Turkey and Ukraine, rose 8,342 over the week to July 11, down from the increase of 15,398 flights a week earlier on July 4, and also slightly lower than the 8,523 flights added over the week to June 27.

Since the first half of May, the market has alternated every week between a small and a large gain compared to the previous week.  

Last week's gains left commercial flights in Europe 37.3% lower on July 11 than the same day in 2019 before the pandemic struck, an improvement on the 40.8% below on July 4.

Rising refinery production seems to be keeping the jet market steady in Europe amid the increase in demand, which has seen flight numbers double over the last two-and-a-half months, rising from 75,890 over the week to April 25 to 155,234 over the week to July 11.

Jet stocks in ARA climbed 56,000 barrels last week to 1.141 million barrels, according to sources, citing Insights Global data.

The last time stocks levels were below 1 million barrels in the trading hub was May 20.

Jet prices in Europe are largely following the daily fluctuations in Low Sulfur Gasoil futures over the summer, trading between $19/mt and $21/mt above the front month contract, Quantum data shows.