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Chicago Cash Jet Fuel Basis Weaken, Depress Spot Price
5/22 5:08 PM
Chicago Cash Jet Fuel Basis Weaken, Depress Spot Price OAKHURST, N.J. (DTN) --- Spot jet fuel prices in Chicago dropped at the start of the new trade week on a downturn in cash basis while prices at the other main trade hubs held higher as mixed basis met with further gain by New York Mercantile Exchange ULSD futures. Oil futures settled higher this afternoon on expectations Organization of Petroleum Exporting Countries and non-OPEC members, including Russia, on Thursday (5/25) will sign-off on a preliminary deal to extend their pledged production cuts of 1.8 million bpd into 2018. NYMEX June West Texas Intermediate crude oil futures expired 40cts higher at $50.73 bbl while the July contract settled 46cts higher at $51.13 bbl. June ULSD futures rose 1.94cts to $1.6021 gallon settlement and the July contract settled up 1.98cts at $1.6082 gallon. Windy City 51-grade for third cycle May East Chicago delivery was rated a penny over the print, sliding over 3cts to $1.6121 gallon. New York Harbor jet fuel traded at a 7.25cts futures discount for Buckeye Pipeline transport, up 1.44cts to $1.5296 gallon. Gulf Coast 54-grade traded for 30th cycle Colonial Pipeline shipment at an 11.5cts discount to June ULSD futures, a near 2cts gain to $1.4871 gallon. Group 3 Q-grade was priced at a 10.0cts futures discount for prompt Magellan Pipeline delivery, up 1.44cts to $1.5021 gallon. Los Angeles May LAX pipeline jet fuel was pegged 3.75cts below the MERC, up 2.19cts at $1.5646 gallon. In other news, a Kinder Morgan spokeswoman this afternoon said the 24-inch Watson to Colton line in California has "been fully repaired and returned to service," following the discovery of a small release of jet fuel from an electronic insulating joint at its Watson Station in Long Beach. The Watson to Colton line was temporarily shut down while repairs were made. Kinder Morgan said the impacted area is being remediated. Dawn Gallagher, 1.732.531.4451, dawn.gallagher@dtn.com, www.schneider-electric.com. (c) 2017 Schneider Electric. All rights reserved.