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JET FUEL: US Jet Fuel Stocks Fall 1.1% on Week: EIA

JET FUEL
BulletEnergy BulletsCommodities

EIA data showed US jet fuel stocks fell by 542k bbl last week, easing back from last week’s 14-year high.

  • The small decline does little to prevent stocks remaining elevated to levels not seen in over a decade.
  • Stocks are at 47.448m bbl, well above the five-year average level of 41.277m bbl.
  • PADD 1 stocks climbed to their highest level since Aug. 30, up 279k bbl on the week to 12.443m bbl.
  • In PADD 3, the USGC refining hub, stocks were down by 787k bbl, or 5.3%, to 14.019m bbl.
  • After hitting a near 3-year high in late July, PADD 3’s stocks have edged downward and are now at the lowest level since Aug. 9.
  • Four-week average jet demand fell last week by 1.5% to 1.684m b/d, while weekly demand was up 16% to 1.737m b/d.
  • When looking at the average of 2018-2023 and excluding the pandemic year of 2020, demand is up on a seasonal basis by 138k b/d but remains within the high-low range of 2018-2023 (excl. 2020).
  • Robust inventories and the seasonal fall in air travel is putting pressure on the USGC jet crack, which is hovering around its lowest levels since Dec 2021. Having bottomed out at $10.01/b, it has since ticked up to $11.66/b. 

 

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EIA data showed US jet fuel stocks fell by 542k bbl last week, easing back from last week’s 14-year high.

  • The small decline does little to prevent stocks remaining elevated to levels not seen in over a decade.
  • Stocks are at 47.448m bbl, well above the five-year average level of 41.277m bbl.
  • PADD 1 stocks climbed to their highest level since Aug. 30, up 279k bbl on the week to 12.443m bbl.
  • In PADD 3, the USGC refining hub, stocks were down by 787k bbl, or 5.3%, to 14.019m bbl.
  • After hitting a near 3-year high in late July, PADD 3’s stocks have edged downward and are now at the lowest level since Aug. 9.
  • Four-week average jet demand fell last week by 1.5% to 1.684m b/d, while weekly demand was up 16% to 1.737m b/d.
  • When looking at the average of 2018-2023 and excluding the pandemic year of 2020, demand is up on a seasonal basis by 138k b/d but remains within the high-low range of 2018-2023 (excl. 2020).
  • Robust inventories and the seasonal fall in air travel is putting pressure on the USGC jet crack, which is hovering around its lowest levels since Dec 2021. Having bottomed out at $10.01/b, it has since ticked up to $11.66/b. 

 

Keep reading...Show less