European jet fuel rebounded from its lowest in a week on speculation that volcanic ash from Iceland won't disrupt air travel as much as last year's eruption.
Jet fuel swaps rose as much 1.9 percent as airlines canceled more than 250 flights and U.S. President Barack Obama curtailed his visit to Ireland after ash drifted over the northern U.K.
Particles from the Grimsvötn volcano were more dense and would not remain in the atmosphere as long as those from the Eyjafjallajökull blast in April 2010, which grounded 100,000 flights, according to a forecast from New-York-based researcher Weather 2000, Inc.
"We are likely to avoid last year's disaster when skies over Europe were closed," Andrey Kryuchenkov, an analyst at VTB Capital in London, said in a note today.
The June swap contract for barges of the aviation fuel advanced $18.80 to $1,019.64 a metric ton in northwest Europe as of 5:36 p.m. London time, according to data compiled by Bloomberg. It earlier fell to a one-week low at $994.43 a ton.
Consumption of the fuel plunged last April as the eruption of the Eyjafjallajökull volcano closed European airspace for six days. The canceled flights cost the industry $1.8 billion, the International Air Transport Association said in June.
Jet-fuel barges for immediate delivery declined in Europe's Amsterdam-Rotterdam-Antwerp oil-trading hub on worries that the ash would curtail flights and reduce demand.
"We are likely to avoid last year's disaster when skies over Europe were closed," Andrey Kryuchenkov, an analyst at VTB Capital in London, said in a note today.
The June swap contract for barges of the aviation fuel advanced $18.80 to $1,019.64 a metric ton in northwest Europe as of 5:36 p.m. London time, according to data compiled by Bloomberg. It earlier fell to a one-week low at $994.43 a ton.
Consumption of the fuel plunged last April as the eruption of the Eyjafjallajökull volcano closed European airspace for six days. The canceled flights cost the industry $1.8 billion, the International Air Transport Association said in June.
Jet-fuel barges for immediate delivery declined in Europe's Amsterdam-Rotterdam-Antwerp oil-trading hub on worries that the ash would curtail flights and reduce demand.
