EU Jet Fuel Market May Tighten If Strait of Hormuz Crisis Continues, Says Commission
European Commission Warns of Potential Jet Fuel Supply Tightening
BRUSSELS, May 28 (Reuters) - The market for jet fuel in the European Union could get tighter if the situation in the Strait of Hormuz does not improve within weeks, said the European Commission on Thursday.
Commission's Recent Update on Oil and Gas Coordination
The European Commission's energy department issued an update on Thursday following the latest meetings of its oil and gas co-ordination groups.
Impact of Strait of Hormuz Closure on EU Petroleum Markets
"The Oil Coordination Group signalled that the closure of the Strait of Hormuz impacts both crude oil and all major petroleum products, and that all EU countries are affected by the dynamics. So far, the EU has been experiencing price effects, with no physical supply disruptions at consumer level," it said.
Outlook: Jet Fuel Market Tightness Expected
"However, if the situation does not improve in the next weeks, markets are expected to become increasingly tighter, especially for jet fuel," it added.
Reporting Credits
(Reporting by Kate Abnett;Editing by Sudip Kar-Gupta)
