NYH Weekly: Fuel Spot Prices Climb on Geopolitical Fears


   
Miguel E. Andujar
DTN Refined Fuels Market Reporter

   DAVENPORT, FL (DTN) -- New York Harbor (NYH) refined products spots prices 
rose from the previous week and from a year earlier in the week ended July 10, 
tracking increase in futures driven as renewed tensions in the Middle East. The 
advance was also supported by declining PADD 1 distillate and gasoline 
inventories, while refinery utilization recovered from the prior week.

   Ultra-low sulfur diesel (ULSD) posted the strongest weekly advance, rising 
28.24cts, or 8.78%, week over week to average $3.4984 gallon. The weekly 
average was 46.43% above the corresponding period of the previous year.

   CBOB regular followed, increasing 20.88cts, or 7.20%, to average $3.1097 
gallon on a weekly basis. The gasoline grade remained 45.64% above the same 
period of the previous year.

   Jet fuel prices also strengthened, rising 16.64cts, or 5.85%, to average 
$3.0091 gallon. The weekly average was 38.55% above the corresponding week of 
the previous year, according to DTN data.

   The weekly advances came as front-month WTI crude futures climbed about 5.5% 
during the week, rising from an opening level near $64.90 bbl to settle above 
$68.40 bbl Friday.

   PADD 1 gasoline inventories fell by 1.6 million bbl to 55.6 million bbl 
during the week ended July 3, leaving stocks 7.2 million bbl below the same 
week of the previous year. Gasoline imports also declined by 95,000 bpd to 
292,000 bpd, according to Energy Information Administration data released on 
Wednesday (7/8).

   Distillate fuel oil inventories dropped by 1.7 million bbl to 21.3 million 
bbl, leaving stocks 2.0 million bbl below the same week of the previous year. 
Meanwhile, East Coast distillate imports increased by 7,000 bpd to 67,000 bpd. 
Jet fuel inventories increased by 200,000 bbl to 11.3 million bbl, standing 
700,000 bbl above the comparable week of the previous year.




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