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Spot Jet Fuel Strengthens as Supply Tight on Colonial Pipeline

March 15 (Bloomberg) -- Jet fuel in New York rose to a 29-month high over heating oil futures amid tight supplies on the Colonial Pipeline, the largest conduit delivering oil products from Gulf Coast refiners to East Coast markets.

Deliveries to the U.S. Northeast and the Linden, New Jersey, storage hub “have been brisk,” Steve Baker, a Colonial spokesman, said in an e-mail. Colonial froze nominations for the first three shipping cycles of 2011 and the line has been allocated ever since, he said.

The premium for spot jet fuel versus futures traded on the New York Mercantile Exchange at 1:58 p.m. rose 6 cents to 31 cents a gallon, according to data compiled by Bloomberg. It’s the highest level since September 18, 2008. Prompt delivery slipped 1.83 cents to $3.2955 a gallon.

Colonial also froze nominations between Greensboro, North Carolina, and Linden on line 3, which delivers jet fuel, for the last two five-day shipping cycles of 2010, Baker said.

The premium for ultra-low-sulfur diesel versus Nymex heating oil futures in the Gulf Coast increased 0.95 cent to 3.2 cents a gallon.

Petroleos de Venezuela, the state-owned oil company known as PDVSA, reported no “major damage” to the Amuay refinery in northwestern Venezuela after extinguishing a fire that broke out today.

The fire started in the refinery’s HD4 hydroprocessing unit, PDVSA said in a statement posted on its website. The plant continues to process crude, and the distillation and conversion units were unaffected by the fire, according to PDVSA.

To contact the reporter on this story: Paul Burkhardt in New York at pburkhardt@bloomberg.net.

To contact the editor responsible for this story: Dan Stets at dstets@bloomberg.net.

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