Jet Fuel Basis Improves in most US Markets as Demand Gains
6/05 5:06 PM
Jet Fuel Basis Improves in most US Markets as Demand Gains CRANBURY, N.J. (DTN) -- Basis for jet fuel strengthened in most U.S. spot markets Friday, with spot values higher countrywide as pandemic forced lockdowns give way and more people take to the air. Data from the Transportation Security Administration shows more travelers passed through TSA checkpoints at U.S. airports Thursday than at anytime since March 22 when travel restrictions were taking effect. The data shows 391,892 passengers passed through TSA checkpoints Thursday, although that's down 2,232,065 or 85.1% against year ago. The fewest number of travelers passing through TSA checkpoints was on April 8 at 94,931, 95.7% below year prior. The Dallas Morning News said the Dallas Fort Worth International Airport became the world's busiest airport during the COVID-19 pandemic, with the Charlotte Douglas International Airport joining DFW as the third busiest hub during the lockdown. Fort Worth serves as American Airlines headquarters, with the airline cutting flights less than competitor carriers United Airlines and Delta. Sharply reduced flying has shuffled flight patterns that focus on large airport hubs. The gradual pick up in flights this week follows Wednesday's Energy Information Administration report showing jet fuel delivered to the U.S. market at its second lowest weekly rate on record, which goes back to 1991. At 385,000 bpd during the final week of May, implied jet fuel demand was down 1.425 million bpd or 78.7% against the corresponding week in 2019, with the lowest implied demand rate at 352,000 bpd for the first week of May. EIA shows days of forward jet fuel supply ended May 29 at a record high 73.2 days. Brian L. Milne, 1.402.255.8020, brian.milne@dtn.com, www.dtn.com. (c) Copyright 2020 DTN, LLC. All rights reserved.
 
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