LA Jet Fuel Basis Dips 15cts, Extending Losses


   
Kristina Davis
DTN Refined Fuels Market Reporter

   MIAMI, FL (DTN) -- The basis for prompt Los Angeles jet fuel weakened again 
Thursday (5/7), falling 15cts to extend the prior day's decline of 10cts, as 
traders reassessed the severity of West Coast supply tightness following a 
build in regional jet fuel inventories.

   The combined drop of 25cts over the past two sessions brought the premium 
for prompt Los Angeles jet fuel to 35cts above June NYMEX ULSD futures, versus 
Tuesday's (5/5) level of 60cts.

   Over the past week, Los Angeles jet fuel values have broadly retreated from 
the record $1.10 gallon premium reached in late April, as higher inventory 
numbers helped ease some of the pressure in the market.

   Jet fuel inventories in the U.S. West Coast climbed by 400,000 bbl last week 
to 11 million bbl and were 1 million bbl higher than the same period last year, 
the Energy Information Administration reported Wednesday.




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