NYH, Houston Jet Fuel Basis Narrow as ULSD Futures Rally


   
Maria Eugenia Garcia
DTN Energy Editor

   HOUSTON, TX (DTN) -- The basis for jet fuel in the New York Harbor and 
Houston spot markets fell Tuesday (3/17) as the underlying April ULSD futures 
contract rallied 5% on the back of the diesel supply tightness driven by the 
Middle East conflict.

   Basis for jet fuel on the Buckeye Pipeline in the New York Harbor dropped by 
15cts, narrowing to near parity with the April ULSD futures contract on the New 
York Mercantile Exchange (NYMEX).

   Meanwhile, at the Houston origin of the Colonial Pipeline, jet fuel was 
heard traded at a 1.50cts premium over the front-month NYMEX, or 10cts lower 
than the level it was seen at in the previous session.  

   U.S. Energy Information Administration data showed that jet fuel stocks in 
the Gulf Coast dropped by 800,000 bbl to 12.8 million during the week ended 
March 6. Inventories were also 2.1 million bbl lower than volumes reported in 
the same period a year earlier.




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