Refiners in the United States will soon get a gift from the European Union, which is expected to lift an import duty on jet fuel by the end of this year, Reuters reports. Although the duty reform itself will not shift the balance of imports and domestic jet fuel purchases, increased competition may drive prices downward and put further pressure on the already-struggling European refining market. Reuters’ article quotes an energy analyst who notes that the U.S. has plenty of surplus jet fuel, and with Latin American demand tapering off, refiners may look to the European market. U.S. refiners may not see the benefit for a few years since most European airlines already have supply deals in place. The U.S. refining market seems well equipped - Valero’s Bill Day is featured touting his company’s flexibility to jump at this emerging market opportunity.
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