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US Spot Jet Fuel Prices Extend Gains with ULSD Futures
2/15 5:00 PM
US Spot Jet Fuel Prices Extend Gains with ULSD Futures OAKHURST, N.J. (DTN) --- U.S. spot jet fuel prices continued higher Thursday afternoon in limited trade as mixed basis met with another gain by New York Mercantile Exchange ULSD futures. Deal making was a nonfactor in the heartland hubs, with thin trade reported at the coasts. In futures trade, NYMEX oil futures reversed earlier weakness to settle higher across the board. The complex firmed as equites gained and the dollar weakened but also continues to find pressure from concerns about ever higher domestic production. NYMEX March West Texas Intermediate crude futures settled 74cts higher at $61.34 bbl while March ULSD rose 0.72cts to settle at $1.8916 gallon. New York Harbor jet fuel traded at a 4.0cts futures discount for Buckeye Pipeline shipment, rising 0.72cts to $1.8516 gallon. Gulf Coast 54-grade for 12th cycle Colonial Pipeline shipment traded 8.6cts below the print, 0.87cts higher at $1.8056 gallon. Group 3 Q-grade was priced at a 2.75cts futures discount for prompt Magellan Pipeline delivery, a gain of 0.72cts to $1.8641 gallon. Chicago 51-grade was talked at MERC level for generic third cycle February pipeline delivery, 0,72cts higher at $1.8916 gallon. Los Angeles February LAX pipeline jet fuel was talked at a 0.5cts futures premium, 0.47cts higher at $1.8966 gallon. In other news, Imperial today said it has notified regulators and customers of a potential fuel quality issue in aviation gasoline, which is referred to as avgas or 100 low lead, shipped from Strathcona refinery since Dec. 28. 2017. The primary concern is that the product quality issue may cause interference with on-board fuel gauge sensors of aircraft using avgas. All shipments of the avgas from Strathcona refinery were promptly stopped as soon as the company became aware of the issue on Tuesday (2/13). Imperial has also requested that all distributors cease distribution of the product. At this time, Imperial is not aware of any reported safety issues related to the fuel. Aircraft that use jet fuel, also known in the industry as Jet A, are not impacted by this potential fuel quality concern. "We regret this inconvenience and will continue to provide information as the situation evolves," said Jon Wetmore, vice president Imperial downstream. "An investigation into the cause of the issue is ongoing." Dawn Gallagher, 1.732.531.4451, dawn.gallagher@dtn.com, www.dtn.com. (c) 2018 DTN. All rights reserved.