Jet fuel weakened to a record low against futures in New York Harbor after supplies increased for a third week and refinery utilization neared a seven-month high.
Stockpiles of jet fuel on the U.S. East Coast, known as PADD 1, added 480,000 barrels to 11.2 million in the week ended April 24, the highest level since Sept. 7, according to U.S. Energy Information Administration data. Refinery utilization rates increased to 90 percent, almost a seven-month high.
No. 54 jet fuel in the New York Harbor weakened 1 cent to 13.5 cents a gallon below futures on the New York Mercantile Exchange at 5:04 p.m., the lowest level since at least 1991, according to data compiled by Bloomberg.
Reformulated, 84-octane gasoline advanced 0.25 cent to 0.5 cent a gallon under futures. Ultra-low-sulfur diesel weakened 0.62 cent to a premium of 1.38 cents a gallon.
The 3-2-1 crack spread in New York, a rough measure of refining margins for gasoline and diesel fuel based on West Texas Intermediate in Cushing, Oklahoma, dropped 44 cents to $15.39 a barrel, a second consecutive daily decline.