- Air travel is on the rise in the U.S., indicating an uptick in jet fuel demand.
- Jet fuel demand has averaged 1.2 mb/d over the past four weeks, up 200,000 bpd from March levels.
- In March, 1.2 million passengers passed through U.S. airports per day on average. That jumped to 1.4 million passengers per day in April.
Market Movers
Valero (NYSE: VLO) to its focus list, raising its price target to $121 per share, up from $95.
- Bank of America upgraded
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Tuesday, May 4, 2021
Oil prices jumped to a seven-week high as markets are pricing in higher demand expectations. As of 8:51 a.m. EDT on Tuesday, the U.S. benchmark WTI Crude was back above $65 per barrel, having touched the highest level since March earlier in the day.
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