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Gulf, NYH Spot Jet Fuel Prices Edge Up on Stronger Basis
4/20 5:19 PM
Gulf, NYH Spot Jet Fuel Prices Edge Up on Stronger Basis OAKHURST, N.J. (DTN) --- Cash jet fuel basis firmed at the East and Gulf coasts Thursday in limited trade, lifting spot prices on the session, sources said. Spot jet fuel prices in the heartland and West Coast declined on the day as steady to weaker basis met with lower New York Mercantile Exchange ULSD futures. Benchmark crude and ULSD futures declined after seesawing in a tight range as oversupply concerns weighed against talk that nearly half of Organization of the Petroleum Countries' members have agreed to extend production cuts of 1.2 million bpd beyond the June 30 expiration. NYMEX May West Texas Intermediate crude oil futures expired down 17cts at $50.27 bbl settlement and the June contract settled down 14cts at $50.71 bbl. June IntercontinentalExchange Brent crude settled 6cts higher at $52.99 bbl. NYMEX May ULSD futures settled 0.24cts lower at $1.5789 gallon and the June contract declined 0.35cts to $1.5857 gallon settlement. New York Harbor jet fuel traded 4.5cts below the MERC for Buckeye Pipeline shipment, 0.26cts higher at $1.5339 gallon. Gulf Coast 54-grade traded for 24th cycle Colonial Pipeline shipment at a 7.25cts futures discount, up 0.26cts to $1.5064 gallon. Group 3 Q-grade was rated at a 9.5cts futures discount for prompt Magellan Pipeline delivery, down 0.24cts to $1.4839 gallon. Chicago 51-grade was talked at a 2.5cts futures premium for third cycle April East Chicago delivery, down 0.24cts to $1.6039 gallon. Los Angeles April LAX pipeline jet fuel was talked at a 0.25cts futures premium, down 0.49cts to $1.5814 gallon. Prompt jet fuel in the San Francisco Bay was talked 3.0cts below L.A. while the Pacific Northwest was assessed at parity to the basin. Source said May LAX pipeline jet fuel in the basin traded flat to June ULSD futures. In other news, jet fuel deliveries, a measure of demand, totaled 1.649 million bpd, up 7.4% from March 2016, the American Petroleum Institute reports in its latest Monthly Statistical Report. Year-to-date demand is 5.0% higher than the same period in 2016. Jet fuel production for the month profiled totaled 1.655 million bpd, a 6% hike over the same month a year ago while year-to-date output increased 2.3%. Data shows end of March jet fuel supplies were 42.1 million bpd, a drop of 6.0% from a month ago and down 3.9% versus March 2016. Dawn Gallagher, 1.732.531.4451, dawn.gallagher@dtn.com, www.schneider-electric.com. (c) 2017 Schneider Electric. All rights reserved.