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Chicago Spot Jet Fuel Eases in Dull Trade on Weaker Basis
2/16 5:23 PM
Chicago Spot Jet Fuel Eases in Dull Trade on Weaker Basis OAKHURST, N.J. (DTN) --- Chicago spot jet fuel prices bucked the trend higher, easing on a weaker basis after a seesaw week while spot prices at the other main markets rose as mixed basis merged with further upside by New York Mercantile Exchange ULSD futures. Benchmark oil futures settled higher Friday afternoon, supported by strength in equities as well as expected stronger oil demand this year and federal data showing crude supply at the NYMEX delivery point dropped to a better than three-year low. Energy Information Administration data for the first full week of February showed crude oil inventories at the Cushing, Oklahoma hub dropped for an eighth straight week. Supply slid over 3.6 million bbl to the lowest level since January 2015. NYMEX March ULSD futures settled 1.888cts higher Friday at $1.9104 gallon, up 2.9% on the week. Spot month crude futures settled up 34cts at $61.68 bbl. In the Windy City, 51-grade was talked at a 5.0ct futures discount by a 1.0cts futures premium for generic third cycle February pipeline delivery, down 0.12cts to $1.8905 gallon. New York Harbor jet fuel traded at a 4.75cts futures discount for Buckeye Pipeline shipment, up 1.13cts at $1.8629 gallon. Gulf Coast 54-grade for 12th cycle Colonial Pipeline shipment traded 8.75cts below the print, rising nearly 1.75cts to $1.8229 gallon. Group 3 Q-grade for prompt Magellan Pipeline delivery was priced at a 4.0cts futures discount, up 1.38cts to $1.8779 gallon. Los Angeles February LAX pipeline jet fuel traded at a 0.25cts futures premium, up 1.63cts to $1.9129 gallon. Pacific Northwest spot jet fuel was assessed at a penny premium to the basin. In other news, the American Petroleum Institute's Monthly Statistical Report for January shows domestic jet fuel deliveries, a measure of demand, at 1.632 million bpd, the highest implied demand rate for the month in 17 years and up 2.4% versus January 2017. Versus a month earlier, demand dropped 11.4%, which API said appears to have been seasonal. Jet fuel production in January averaged 1.707 million bpd, jumped 5.7% versus January 2017. API data indicates supply of jet fuel ended January at 42.2 million bbl, up 4.7% from the prior month but down 0.5% versus January 2017. Dawn Gallagher, 1.732.531.4451, dawn.gallagher@dtn.com, www.dtn.com. (c) 2018 DTN. All rights reserved.