Midwest Jet Fuel Basis Firms as ULSD Futures Fall


   
Miguel E. Andujar
DTN Refined Fuels Market Reporter

   DAVENPORT, FL (DTN) -- Midwest jet fuel basis values strengthened Thursday 
(6/11), supported by tightening regional supply and and a sharp decline in 
ultra-low sulfur diesel (ULSD) futures that boosted relative physical market 
values.

   Group 3 jet fuel basis was assessed at 75cts discount to July ULSD futures, 
up 5cts from the previous session and the highest level since June 1, when it 
was assessed at 26.25cts discount, according to DTN data.

   Chicago jet fuel basis was assessed at 70cts discount to July ULSD futures, 
a 5cts increase on the day and the steepest hike since June 2, when basis was 
assessed at 65cts discount. 

   The gain came as July ULSD futures dropped roughly 15cts during Thursday's 
session to settle at $3.5843 gallon, their lowest close of the week. While the 
decline in futures strengthened basis values, tighter jet fundamentals also 
offered support after U.S. jet fuel inventories declined by 200,000 bbl to 7.4 
million bbl in the latest reporting week.

   Spot values also recovered from late last week. Chicago jet fuel was 
assessed at $2.7652 gallon versus $2.5747 gallon on June 5, while Group 3 jet 
fuel reached $2.7152 gallon from $2.6169 gallon, its lowest level since March 3.

    




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