New York Jet Fuel Hits All-Time Low as Inventories BuildChristine Harvey
New York jet fuel slumped to the lowest level on record versus futures as supplies rose to a seasonal high on the U.S. East Coast.
Inventories of jet fuel on the coast, the PADD 1 region, increased 803,000 barrels to 10.4 million barrels in the week ended April 12, according to Energy Information Administration data. That’s the highest level for this time of year since 2010 and 3.7 percent lower than the five-year average.
No. 55 jet fuel in the New York harbor weakened 0.25 cents to 7.13 cents a gallon below futures on the New York Mercantile Exchange at 3:29 p.m., the lowest level since at least 1991, according to Bloomberg data. Reformulated gasoline in the New York Harbor gained .5 cent to a discount of 16.50 cents a gallon versus futures.
The 3-2-1 crack spread in the region, a rough measure of refining margins based on Brent oil in Europe, gained 9 cents to $13.03 a barrel.