Midwest Jet Fuel Basis Mixed Amid Build in PADD 2 Stocks


   
Barani Krishnan
DTN Refined Fuels Market Reporter

   SECAUCUS, NJ (DTN) -- Midwest spot jet fuel differentials were mixed on 
Wednesday (6/17), as Chicago cash values weakend, while discounts in the Group 
3 spot market narrowed despite federal data showing a weekly increase in PADD 2 
of jet fuel stocks. 

   The prompt Group 3 jet fuel basis traded at a 60cts discount to the July 
NYMEX ULSD futures contract,  narrowing by 10cts from the 70cts discount 
reported in the previous session.

   Conversely, Chicago jet fuel spot basis weakened considerably, dropping 5cts 
to a 19.50cts discount to the front-month NYMEX ULSD futures contract.

   Physical price movements occurred alongside weekly domestic supply data from 
the Energy Information Administration (EIA) showing Wednesday an expansion in 
regional product availability last week.

   Jet fuel inventories in PADD 2 rose by 700,000 bbl to 8.1 million bbl, 
during the week ended June 12, according to the EIA. Rising inventories were 
supported by expanded refinery activity as Midwest refiners boosted inputs to 
4.319 million bpd.

   Higher inputs pushed regional refinery utilization rates to 101.2%, which 
outpaced concurrent declines in crude oil storage and lower imports into the 
region.




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