Sylvie Willis
The price of jet fuel per barrel is a highly variable figure, influenced by factors such as regional demand, market conditions, and energy costs. Jet fuel is an essential commodity for the aviation industry, powering aircraft and facilitating global travel and cargo transportation. As of the latest reports, the global average jet fuel price stands at $92.92 per barrel, with regional variations in price existing across different markets. With the dynamic nature of the energy sector, jet fuel prices can fluctuate, impacting the operations of airlines and the broader economy.
| Characteristics | Values |
|---|---|
| Global average jet fuel price | $92.92/bbl |
| Jet A1 price in the US | $88.3/bbl |
| JP-8 price | $90.04968/bbl |
| National average jet fuel price in the US | $6.29/gallon |
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What You'll Learn
Jet fuel price per barrel in the US
The price of jet fuel per barrel in the US varies and is dependent on various factors such as demand and market holidays. The Platts Jet Fuel Price Index, published by S&P Global Platts, provides daily assessments of jet fuel spot prices in the physical spot markets of relevant regional centers. When a market is not assessed on a particular day, for example, due to a holiday, the previous working day's spot market price assessment is used.
Each of Platts' individual assessments is given a weighting based on the demand for jet fuel in that region. These values are then compared with the average spot prices in 2000 to generate a percentage figure reflecting the overall price rise in markets compared to the base period. For instance, an index value of 200 indicates a doubling of the price since the year 2000.
The Jet Fuel Price Monitor provides the latest price data from Platts, including the average prices paid at refineries for aviation jet fuel for the reported week. Unfortunately, historical price data is not available on the Jet Fuel Price Monitor. However, additional fuel price information can be found on the Platts jet fuel microsite.
While the exact prices for jet fuel in the US were not readily available, the global average jet fuel price for one week was $92.92 per barrel, a 0.3% decrease from the previous week.
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Jet fuel price per gallon
The price of jet fuel per gallon varies and is influenced by factors such as regional demand and market assessments. While I cannot provide historical price data, here is some information about jet fuel prices per gallon:
The national average price for jet fuel in the United States is $6.29 per gallon, with prices varying by region. For example, the FAA Alaska region reports the highest jet fuel price at an average of $8.11 per gallon, while the FAA Central region has the lowest average price at $5.61 per gallon.
The price of jet fuel is also often quoted in dollars per barrel ($/bbl). As of the last update, the global average jet fuel price was $92.92 per barrel, a decrease of 0.3% from the previous week. This price is based on daily assessments of jet fuel spot prices in relevant regional markets.
It's important to note that jet fuel prices can fluctuate due to various factors, including supply and demand dynamics, economic conditions, and energy market trends. Additionally, prices may not include additives or other costs associated with aviation fuel.
To obtain the most current and accurate jet fuel price per gallon or per barrel, it is advisable to refer to specialized aviation fuel price monitoring sources or consult with industry experts.
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Jet A1 fuel price
Jet A1 is a widely used aviation fuel, also known by its casual name, kerosene. It is highly valued by professionals because it enables aircraft to achieve maximum energy with a minimum fuel load. Its outstanding heat output increases flight autonomy, and its thermal and storage stability reduces the risk of fuel deterioration.
The price of jet fuel is closely aligned with the price of oil, which varies daily. As of January 2022, the price of Jet A1 was approximately $816 per metric tonne, or $0.82 per kg. This was around double the price in January 2021, when Jet A1 was approximately $430 per metric tonne, or $0.43 per kg. The price of Jet A1 had been as low as $200 per metric tonne in May 2020, which equated to around $0.20 per kg.
The price of jet fuel can vary substantially depending on what price airlines have "hedged" the fuel at. Hedging is where a constant price is agreed for fuel for a set period, reducing risk and fixed costs. For example, an airline might agree to purchase a fixed amount of fuel at $600 per metric tonne for 12 months. If the fuel price rises, the airline is protected, but if the price drops, the airline will be paying more than necessary.
The Jet Fuel Price Monitor provides the latest price data from Platts, reflecting its daily assessments of jet fuel spot prices in relevant regional centres. The global average jet fuel price for the week ending 28 September 2023 was $92.92 per barrel, a decrease of 0.3% from the previous week.
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JP-8 fuel price
The price of jet fuel per barrel varies and is assessed daily by leading energy information provider Platts. The latest global average jet fuel price provided by Platts is $92.92 per barrel, a decrease of 0.3% from the previous week.
The Jet Fuel Price Index reflects Platts' daily assessments of jet fuel spot prices in the physical spot markets of relevant regional centres. When a market is not assessed on a particular day, for instance, due to a market holiday, the previous working day's spot market price assessment is used.
The Jet Fuel Price Monitor provides the latest price data, including the average prices paid at the refinery for aviation jet fuel for the reported week. However, historical price data is not available through this source. For additional fuel price information, users are directed to the Platts jet fuel microsite.
The Jet Fuel Price Index and price data are based on regional demand, with each assessment weighted accordingly. The regional indices are also weighted in the Global Composite Index. By comparing these values with the average spot prices in 2000, a percentage figure can be generated to reflect the overall rise in markets compared to that base period. For example, an index value of 200 indicates a doubling of the price since the year 2000.
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Sustainable Aviation Fuel (SAF) price
The price of jet fuel per barrel is $92.92, according to the latest update from Platts Jet Fuel Price Index. However, the focus on Sustainable Aviation Fuel (SAF) has grown significantly due to the aviation industry's need to cut carbon emissions, which currently account for 2.5% of global greenhouse gas emissions.
SAF is a "drop-in" fuel that can be used in existing aircraft without any modifications and has the potential to reduce emissions from flying by 70-90%. While SAF is a promising solution, the market is still nascent, and supply and demand must grow faster to meet emissions reduction targets. The industry faces challenges due to the complex interplay of regional legislation, supply chains, and logistical issues.
The cost of SAF is influenced by the differences in government support, mandates, and certifications across regions, which affect production and utilisation. To overcome this, collaboration between governments and industry leaders is necessary to implement synchronised policies, provide incentives, and facilitate investments for scaling SAF production. As production scales up and feedstock diversification improves, the price gap between SAF and fossil-based jet fuel is expected to narrow.
FT CANS technology is crucial in this transition, as it reduces costs, improves scalability, and utilises diverse feedstocks. Companies like Johnson Matthey are committed to making SAF more affordable and accessible by working with customers to make SAF a commercially viable option. As more companies commit to transparent emissions reporting and reducing greenhouse gas emissions, corporate demand for SAF is expected to rise, attracting investors to SAF projects and accelerating the growth of SAF infrastructure.
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Frequently asked questions
The price of jet fuel per barrel varies depending on the region and supplier. As of the last update, the global average jet fuel price was $92.92 per barrel.
The price of jet fuel in the US can vary, with a recent price listed at $88.30 per barrel. The national average price for jet fuel is $6.29 per gallon.
The Jet Fuel Price Index is published by S&P Global Platts and reflects the daily assessments of jet fuel spot prices in the physical spot markets of relevant regional centers. It provides an average price paid at the refinery for aviation jet fuel for the reported week.
Jet A1 and JP-54 are types of jet fuel, while JP-8 is a type of aviation kerosene used in the USA for jet engines. JP-8 contains additives to prevent ice crystal formation and corrosion and is used by the US Air Force and other NATO air forces.
