NYH Jet Fuel Basis Hits 2-Year High on Tight Stocks


   
Maria Eugenia Garcia
DTN Energy Editor

   HOUSTON, TX  (DTN) -- The basis for jet fuel moved on the Buckeye Pipeline 
in the New York Harbor spot market reached a two-year high on Wednesday (3/4) 
amid active trading and low inventory levels.

   New York Harbor jet fuel basis was heard traded at a 29 premium over the 
ULDS futures contract for April delivery on the New York Mercantile Exchange 
(NYMEX), a 20.75cts increase from the previous trading session. That was the 
highest basis since November 21, 2023 when it was assessed at an 18cts premium 
over the NYMEX ULDS futures contract, according to DTN data.

   The jet fuel basis hike in the New York Harbor market was supported by firm 
demand driven by shrinking jet fuel inventories reported in the East Coast last 
week amid extreme severe winter conditions.

   The Energy Information Administration on Wednesday reported that PADD 1 East 
Coast jet fuel inventories declined by 800,000 bbl to 8.7 million bbl during 
the week ended February 27, standing below the 9 million bbl recorded in the 
same week last year.

   PADD 1 jet fuel production during the profiled week rose to 87,000 bpd 
compared to 80,000 bpd the prior week.




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