Coronavirus flight cancellations top 200,000, sending jet fuel prices to more than 2-year lows

Airlines have canceled more than 200,000 flights because of the coronavirus, driving down demand for jet fuel.

— have halted service to the mainland and Hong Kong because of the virus. In February alone, the number of flights that were scheduled to fly to, from and within China are down 80% from a year ago, according to aviation consulting firm Cirium.

That's sending jet fuel prices, generally airlines' second-biggest expense after labor, down sharply. Normally, lower costs would be welcome news for airlines, but weaker demand is expected to hit revenue and profits this year. The Asia-Pacific air travel market has become more important since the SARS outbreak that began in 2002. The region accounted for 35% of global demand last year, up from 27% in 2002, the trade group said. China is expected to overtake the U.S. as the world's largest air travel market by the middle of this decade.

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