Group 3 Jet Basis Up 54cts as Distillate Stocks Tumble


   
Barani Krishnan
DTN Refined Fuels Market Reporter

   SECAUCUS, NJ (DTN) -- Group 3 jet fuel spot basis led Midwest distillate 
markets higher Wednesday (9/30), jumping 54cts as regional inventories fell to 
their lowest level since early June.

   Group 3 jet fuel basis reversed Tuesday's 44cts gallon discount to trade at 
a 10cts gallon premium to the expiring October NYMEX ULSD contract. In Chicago, 
jet fuel basis narrowed its discount by 5cts to 35cts gallon. ULSD for the same 
region also strengthened sharply, rising 30cts to a 15cts gallon premium to 
October futures after trading at a 15cts discount Tuesday.

   Elsewhere, ULSD basis changes were limited. Chicago basis rose 2cts to a 
7cts gallon premium, while Buckeye Complex and Wolverine ULSD basis each 
slipped 1ct to 7cts gallon premiums.

   NYMEX October ULSD futures climbed $0.0590, or 1.20%, to settle at $4.9569 
gallon on expiration day after reaching an intraday high of $5.4275 gallon.

   Energy Information Administration data showed PADD 2 distillate fuel oil 
stocks fell 1.3 million bbl to 25.9 million bbl during the week ended September 
25, the lowest level since early June.

   PADD 2 refinery utilization fell 3.4 percentage points to 85.6%, while crude 
runs declined by 157,000 bpd to 3.645 million bpd.




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