US Spot Jet Fuel Prices End Higher ahead of Weekend Break
7/20 5:22 PM
US Spot Jet Fuel Prices End Higher ahead of Weekend Break OAKHURST, N.J. (DTN) --- Spot jet fuel prices in east of the Rockies and West Coast trade markets rose Friday afternoon as New York Mercantile Exchange ULSD futures gained. Cash basis were mixed across the markets with deal making reported in all markets except Chicago. In futures trade, pre-weekend buying lifted benchmark oil futures with the NYMEX August crude contract rallying ahead of expiration this afternoon. NYMEX August West Texas Intermediate crude oil futures expired $1.00 higher at $70.46 bbl while September futures added 2cts to $68.26 bbl settlement. NYMEX August ULSD futures settled 1.43cts higher at $2.1044 gallon with September futures up 1.49cts to $2.1094 gallon settlement. New York Harbor jet fuel sold at a 1.5cts futures premium for Buckeye Pipeline shipment, tracking futures up 1.43cts to $2.1194 gallon. Gulf Coast 54-grade traded ahead of 41st cycle Colonial Pipeline scheduling at a 4.0cts futures discount, rising 1.58cts to $2.0644 gallon. Group 3 Q-grade traded 10.0cts over the MERC for prompt offline Magellan Pipeline delivery, a gain of 3.18cts to $2.2044 gallon. Chicago 51-grade for third cycle July East Chicago delivery was talked 1.5cts over August ULSD futures, up 1.43cts to $2.1194 gallon. Los Angeles July LAX pipeline jet fuel basis seesawed on the session. Sources said the fuel traded at 1.25cts, 1.0cts, 1.75cts and 2.0cts premiums to August ULSD futures. Spot price rose 1.68cts to $2.1244 gallon. San Francisco spot jet fuel was indexed at parity to the basin while the Pacific Northwest was valued 4.0cts over L.A. In other news, United Airlines said excluding special charges and mark-to-market adjustments, second quarter net income was $889 million and diluted earnings were $3.23 per share while consolidated passenger revenue per available seat miles were up 3.0% versus the second quarter 2017. Consolidated total revenue per available seat mile rose 2.8% year-over-year. The company expects full year 2018 diluted earnings per share, excluding special charges and mark-to-market adjustments to be $7.25 to $8.75. "We delivered great financial results and strong operational performance in the second quarter despite the significant headwinds of higher fuel prices," said Oscar Munoz, CEO of United Airlines. Dawn Gallagher, 1.732.531.4451, dawn.gallagher@dtn.com, www.dtn.com. (c) 2018 DTN. All rights reserved.