Chicago Jet Basis Pulls Back from 3-Year High


   
Miguel E. Andujar
DTN Refined Fuels Market Reporter

   DAVENPORT, FL (DTN) -- Chicago jet fuel basis moved lower Tuesday (4/21), 
falling 31.5cts on the session, to move sharply below three-year highs seen 
earlier this month.

   Jet fuel basis in Chicago was last assessed at a 2cts premium to May NYMEX 
ULSD futures, according to DTN Energy data. That compares with its April 1 high 
of $1.05.

   "It feels like the market is starting to settle more into regional 
conditions," a source familiar with Midwest refined product trading said. 
"We're seeing less of that pull from the Gulf, and Chicago is beginning to 
decouple from the pressure that was driving jet higher earlier in the month."

   The pullback follows an extended period of strength in Chicago jet fuel, 
where the basis surged highs last seen in 2023 amid strong distillate demand 
and elevated pricing tied to Gulf Coast markets.

   The move lower suggests some easing in prompt tightness, with Midwest values 
adjusting as the market recalibrates from the rally earlier in the month.




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