What a high or low reading means
Jet-fuel product supplied tracks airline activity. The only major product whose demand collapsed to a fraction of its level in 2020 and spent years recovering. A reading above the five-year band means air travel is running above the seasonal norm, tightening jet-fuel supply and supporting its crack spread. A below-band reading reflects a soft travel season; because jet fuel has no winter demand floor like heating oil, its seasonal range is wide.