Jet Fuel Basis Spikes in NYH, Houston Amid Futures Rally


   
Maria Eugenia Garcia
DTN Energy Editor

   HOUSTON, TX (DTN) -- The basis for jet fuel in the New York Harbor and 
Houston regional markets strengthened Tuesday (3/3) as the underlying April 
ULSD futures contract rose nearly 10% on expectations of global supply 
tightness tied to the Iran war.

   The stronger basis was also supported by the Spring refinery maintenance 
season ahead of the summer driving season's high demand.

   U.S. Energy Information Administration data showed that refinery utilization 
nationwide dropped to 88.6% in the week ended February 20, from 91% in the 
prior week.

   Basis for jet fuel on the Buckeye Pipeline in the New York Harbor rose 13cts 
to 8.75cts premium to April ULSD futures on the New York Harbor.

   At the Houston origin of the Colonial Pipeline, jet fuel traded at a 6cts 
premium to the April futures contract, rising by 12.25cts from the previous 
session.

    




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