Jet fuel differentials in Europe are still adjusting to the sudden flip into backwardation in underlying InterContinentalExchange (ICE) gasoil futures during last week's market rout, which has caused the jet fuel curve to rear up into a steep contango. Physical trading activity meanwhile, is thin during the peak holiday season. One source said of the 100-plus traders normally on his Yahoo! list that at least 40 were offline last week, with many more logged on but away from their desks.
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