US daily plane passengers above 2 million for first time since March 2020

London (Quantum Commodity Intelligence) – The number of passengers boarding planes at US airports is on the rise, reaching a post-pandemic high Friday of 2.029 million, data from the US Department for Transportation showed.

Passenger figures are up 54% in the past month and 8% in the last week alone, highlighting how rising Covid-19 vaccinations and easier social distancing measures are fuelling an increase in transportation, and demand for transportation fuels.

The seven-day average totalled 1.84 million passengers, up 10% in three weeks.

US flights typically rise through the months of May, June and July due to as the summer vacation season kicks in.

Flights are currently following their normal seasonal trend, but are increasing from a much lower base than usual. Most flights remain domestic, due to the ongoing closure of many international borders because of the ongoing pandemic.

US plane passengers are down 29% from June 2019 levels, but this is up from a 60% shortfall at the start of the year.

Investment bank Goldman Sachs sees August global jet fuel demand at 5 million barrels per day, up from 3.9m bpd in May, although the recovery will be long - extending past next year with December 2022 still 12.7% below pre-pandemic levels at 6.2m bpd.

The forecast is revised up slightly based on accelerated emerging market vaccination forecasts, although the recovery will be slow due to long-term demand destruction of 30% on business travel, the bank said in a research note Thursday.

In the report published June 10, Goldman said US jet fuel demand has already recovered quickly due to a higher number of domestic flights, while European demand should ramp up sharply in July.