Glut of jet fuel is on brink of overwhelming global storage

The world is close to running out of space to store all the fuel that jets are no longer burning. Only about 20% of land-based storage for the product remains -- about 50m barrels -- while airlines cut flights, according to consultant JBC Energy. A collapse in air travel due to the coronavirus pandemic has brought with it a plunge in fuel demand and the threat of a shortage of places to keep unwanted supplies. The picture looks sure to worsen in the coming weeks and months unless oil refineries take drastic action of their own to cut output. Flight cancellations are destroying demand for the roughly 7m barrels-a-day market, with some traders speculating consumption could have dropped by as much as 50% of that. The product has slumped by more than 60% this year. <br/>