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US Jet Fuel Cash Basis Mixed, Spot Prices Up with Futures
4/23 5:08 PM
US Jet Fuel Cash Basis Mixed, Spot Prices Up with Futures OAKHURST, N.J. (DTN) --- East of the Rockies and West Coast spot jet fuel prices ended higher Monday afternoon, fueled by another upside session for New York Mercantile Exchange ULSD futures. Cash basis were mixed across the hubs in a dull start to the new trade week. In paper trade, oil futures reversed morning losses, settling higher on the session on led by a near 2% jump in RBOB futures. NYMEX spot month ULSD futures rose 1.79cts to $2.1409 gallons settlement while the June contract settled 1.72cts higher at $2.1324 gallon. The front month West Texas Intermediate crude contract settled 24cts higher at $68.64 bbl. New York Harbor jet fuel was talked 4.75cts over the print for prompt Buckeye Pipeline shipment, up 2.79cts at $2.1884 gallon. Gulf Coast 54-grade traded at a 5.5cts discount to June ULSD futures for 25th cycle Colonial Pipeline transport, a gain of 1.72cts to $2.0774 gallon. Group 3 Q-grade for prompt Magellan Pipeline delivery was indexed 3.75cts below the MERC, up 1.79cts to $2.1034 gallon. Chicago 51-grade was rated at a 1.0cts futures discount for third cycle April generic pipeline delivery, up 1.79cts to $2.1309 gallon. Los Angeles May LAX pipeline jet fuel traded 3.75cts over June ULSD futures, up nearly 1.5cts from the April value the prior trade session to $2.1699 gallon. San Francisco Bay spot jet fuel was indexed flat to the basin while the Pacific Northwest was rated at a 3.0cts premium to L.A. In other news, United Airlines announced today that it has taken delivery of its first 737 MAX 9 aircraft from the Boeing Delivery Center in Seattle, Washington. The new aircraft reduces fuel use and carbon dioxide emissions significantly compared with older generation aircraft. United expects to take delivery of two more 737 MAX 9 aircraft this month, and will have 10 737 MAX 9 aircraft by the end of this year. Dawn Gallagher, 1.732.531.4451, dawn.gallagher@dtn.com, www.dtn.com. (c) 2018 DTN. All rights reserved.