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NYH, Gulf Coast Cash Jet Fuel Basis Firm, Prices End Up
11/21 4:55 PM
NYH, Gulf Coast Cash Jet Fuel Basis Firm, Prices End Up OAKHURST, N.J. (DTN) --- Spot jet fuel prices at the Gulf Coast and New York Harbor rose in limited trade Tuesday as stronger basis merged with an uptick by New York Mercantile Exchange ULSD futures. Weaker basis weighed on prices in the heartland and at the West Coast in dull trade action. NYMEX December ULSD futures edged up 0.38cts to settle at $1.9359 gallon while the January West Texas Intermediate crude oil contract settled 41cts higher at $56.83 bbl. New York Harbor jet fuel sold at a 4.0cts futures discount for Buckeye Pipeline transport, up 0.88cts at $1.8959 gallon. Gulf Coast 54-grade traded 15.25cts below the January ULSD contract for 67th cycle Colonial Pipeline shipment, 1.6cts higher at $1.7856 gallon. Group 3 Q-grade was rated 2.5cts below the MERC for prompt Magellan Pipeline delivery, up 0.38cts at $1.9101 gallon. Chicago 51-grade for third cycle November generic pipeline delivery was talked at an 11.5cts futures discount, down 0.12cts at $1.8209 gallon. Los Angeles November LAX pipeline jet fuel was pegged 10.0cts below the print, down 0.12cts at $1.8359 gallon. Prompt jet fuel in the Pacific Northwest was talked at penny over the basin while the San Francisco Bay was indexed at parity to L.A. In other news, Airlines for America recently urged Congress to reject a proposed increase in the Passenger Facility Charge, also known as the airport tax. Nicholas E. Calio, president of A4A urged Senate appropriations to first make better use of existing resources, like the unobligated and unspent balance of nearly $6 billion in the Airport and Airway Trust Fund, before raising taxes on passengers who are already overburdened by taxes on their airline tickets. Nearly doubling the PFC tax, as proposed in a Senate appropriations bill, would cost travelers another $2.6 billion per year, according to the release. Airport revenues are at an all-time high, with the Federal Aviation Administration collecting $14 billion in taxes on passengers during FY2017---more than ever collected. Record revenues and tax collections combined with the AATF balance of nearly $6 billion means there's more money available than ever before for Congress to spend on airport infrastructure. "Congress should not raise taxes on passengers, especially when there are record amounts of tax revenue sitting idle in the bank," said Calio. Dawn Gallagher, 1.732.531.4451, dawn.gallagher@dtn.com, www.dtn.com. (c) 2017 DTN. All rights reserved.