Goldman Sachs Says Europe Faces Summer Jet Fuel Squeeze

Michele Della Vigna, head of EMEA natural resources research at Goldman Sachs, discusses the ongoing closure of the Strait of Hormuz and its impact on jet fuel supplies. "The problem is if the strait does not reopen, and we don't have that confidence, then we need to get into what we call demand rationing pricing," Della Vigna explains during an interview on Bloomberg Television. "Effectively, prices making sure that demand comes down enough to rebalance the market, which would be a 15% reduction in flights in Europe." (Source: Bloomberg)