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US Spot Jet Fuel Prices Hold Higher with ULSD Futures
8/20 4:55 PM
US Spot Jet Fuel Prices Hold Higher with ULSD Futures OAKHURST, N.J. (DTN) --- US cash jet fuel basis remained mixed Tuesday afternoon with spot prices again higher across the markets as New York Mercantile Exchanged ULSD futures maintained upside momentum. Deal making was reported in each of the coastal trade hubs. NYMEX September West Texas Intermediate expired up 13cts at $56.34 bbl while the October contract declined 1ct to settle at $56.13 bbl. September ULSD futures rose 2.12cts to $1.8543 gallon settlement and October futures settled 2.09cts higher at $1.8606 gallon. In cash trade, sources said New York Harbor jet fuel traded at a 3cts futures premium for prompt Buckeye Pipeline shipment, up 2.37cts at $1.8843 gallon. At the Gulf Coast, 54-grade traded in front of 49th cycle Colonial Pipeline scheduling at a 3.5cts discount to October ULSD futures. Spot price ended the day up 2.34cts at $1.8256 gallon. Group 3 Q-grade was priced 2.5cts over the MERC for prompt Magellan Pipeline delivery, rising 1.12cts to $1.8793 gallon. Chicago 51-grade for third cycle August east Chicago delivery was talked 4cts below the print, up 1.62cts at $1.8143 gallon. Los Angeles August LAX pipeline jet fuel traded 2cts over the print, up 2.37cts to $1.8743 gallon. Sources said September LAX pipeline jet fuel traded at a 1.75cts premium to October ULSD futures. In other news, Airlines for America today announced that it expects a record 17.5 million passengers to travel on U.S. airlines worldwide during the week-long Labor Day travel period, which extends from Aug. 28 through Sept. 3. That represents a 4% increase from the 16.9 million passengers estimated to have flown during the same holiday period last year. "With fares at historic lows and customer satisfaction at historic highs, travelers continue to take to the skies in record numbers," said A4A Vice President and CEO John Heimlich. A4A projects U.S. airlines will carry an average of 2.51 million passengers per day during the week-long travel period with Friday, Aug. 30 expected to be the busiest day in the period with 2.98 million passengers flying aboard U.S. carriers. Dawn Gallagher, 1.732.531.4451, dawn.gallagher@dtn.com, www.dtn.com. (c) 2019 DTN. All rights reserved.