Jet fuel remains the laggard in the oil market’s recovery from the pandemic, but not in Mexico.
With vaccinated foreign tourists flocking to destinations like Cancun, Cabo San Lucas and Puerto Vallarta for warmer climes, Mexico’s consumption of jet fuel in November reached 82,000 barrels a day, more than double compared with a year ago and roughly equivalent to the levels seen in 2019, according to government data. Across the border, in the U.S., jet fuel demand is still at 88% of levels seen two years ago.
American tourists account for almost 80% of all international visitors to Mexico arriving by air this year. Local social-distancing measures and easy access to testing in Mexico’s most sought-after destinations are helping give tourism a boost.
The airplanes that take all those tourist back home likely refill their tanks in Mexico.