Cash Jet Fuel Basis Strengthens in Chicago, Los Angeles
3/28 5:07 PM
Cash Jet Fuel Basis Strengthens in Chicago, Los Angeles OAKHURST, N.J. (DTN) -- U.S. spot jet fuel basis remained mixed Tuesday afternoon while spot prices moved higher across the board on the increase by New York Mercantile Exchange ULSD futures. Basis strengthened in Chicago and Los Angeles, held steady in the Group and weakened in New York Harbor and the Gulf Coast. Deal making was limited to the Gulf and West coasts, sources said. Benchmark oil futures rose on news militia activity shut-in production at Libya's Wafa and Sharara oilfields, with Libyan output reportedly below 500,000 bpd. "Past outages have ranged from a few days all the way up to two years, although the need for oil revenues will be a strong incentive to negotiate a pipeline restart sooner rather than later," said Citi Futures analyst Tim Evans. New York Harbor jet fuel was talked at a 5.5cts futures discount for prompt Buckeye Pipeline shipment, up 0.67cts at $1.4617 gallon. Gulf Coast 54-grade sold at a 9.9cts discount to May ULSD futures for 19th cycle Colonial Pipeline shipment, 0.26cts higher at $1.4211 gallon. Group 3 Q-grade for prompt Magellan Pipeline delivery was rated at a 3.5cts futures discount, up 1.42cts at $1.4817 gallon. Chicago 51-grade was priced 6.5cts below May ULSD futures for first cycle April East Chicago delivery, a hike of 5.66cts to $1.4551 gallon. Los Angeles April LAX pipeline jet fuel traded 0.50cts and 1.0cts over May ULSD futures, up 1.66cts to $1.5301 gallon. Prompt jet fuel in the San Francisco Bay held at a 3.0cts discount to the basin while Pacific Northwest spot jet fuel was talked at parity to L.A. Sources said May LAX pipeline jet fuel in the basin traded at a penny premium to June ULSD futures. In other news, Alaska Airlines' board of directors has elected Wayne Newton as vice president of airport operations and customer service effective today. In his new role, he will oversee airport operations in 84 cities and a team of more than 2,700 employees and contractors. Newton replaces Jeff Butler, who is now Alaska Airlines' vice president of guest and inflight services---Virgin America. Alaska Airlines, together with Virgin America and its regional partners, flies 40 million customers a year to 118 destinations with an average of 1,200 daily flights across the United States and to Mexico, Canada, Costa Rica and Cuba. Dawn Gallagher, 1.732.531.4451, dawn.gallagher@dtn.com, www.schneider-electric.com. (c) 2017 Schneider Electric. All rights reserved.

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