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Group Spot Jet Fuel Prices End Session DN on Weaker Basis
5/19 4:46 PM
Group Spot Jet Fuel Prices End Session DN on Weaker Basis OAKHURST, N.J. (DTN) --- Spot jet fuel prices in Oklahoma Group 3 declined Friday afternoon on weaker basis while mixed basis in the remainder of the main trade hubs combined with higher New York Mercantile Exchange ULSD futures to lift prices. Oil futures rallied across the board amid optimism Organization of Petroleum Exporting Countries members and participating non-members will agree next week to extend 1.8 million bpd in production cuts potentially through the first quarter 2018. NYMEX June West Texas Intermediate crude oil futures rallied nearly $1 to settle at $50.33 bbl, the first settlement above $50 in over a month. NYMEX June ULSD futures jumped 3.74cts to $1.5827 gallon settlement. New York Harbor jet fuel traded 6.75cts below the print for Buckeye Pipeline transport, a hike of 3.74cts to 1.5152 gallon. Gulf Coast 54-grade traded at an 11.5cts futures discount for 30th cycle Colonial Pipeline shipment, rallying 4.49cts to $1.4677 gallon. Group 3 Q-grade for prompt Magellan Pipeline delivery was priced at a 9.5cts futures discount, a loss of 0.76cts to $1.4877 gallon. Chicago 51-grade for third cycle May East Chicago delivery was rated 6.0cts over the print, a hike of 4.49cts to $1.6427 gallon. Los Angeles May LAX pipeline jet fuel traded 4.0cts below the MERC, up nearly 4cts to $1.5427 gallon. San Francisco Bay spot jet fuel held at a 3.0cts discount to its southern counterpart while in Pacific Northwest spot value maintained parity to the basin. In other news, Airlines for America said as a record 234.1 million bpd are expected to travel worldwide on U.S. airlines between June 1 and Aug. 31, airlines are adding 123,000 seats per day across their networks to accommodate the additional 100,000 daily passengers. First quarter financial results for 10 publicly traded U.S. airlines show reported pre-tax earnings of $2.4 billion, down from $4.8 billion in 2016. Operating revenues increased 1.4% while operating expenses increased 9.3% to $33.9 billion, led by a 24.3% increase in fuel costs. Dawn Gallagher, 1.732.531.4451, dawn.gallagher@dtn.com, www.schneider-electric.com. (c) 2017 Schneider Electric. All rights reserved.