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JET FUEL: US Jet Fuel Stocks Fall 2.3% on Week: EIA

JET FUEL
BulletEnergy BulletsCommodities

EIA data showed US jet fuel stocks fell by 1.104m bbl last week, the lowest since Aug. 12.

  • Stocks are at 46.344m bbl, well above the five-year average level of 41.318m bbl.
  • PADD 1 stocks fell to their lowest since July 26, down 661k bbl to 11.782m bbl.
  • In PADD 3, the USGC refining hub, stocks actually rose by 1.066m bbl, or 7.6%, to 15.085m bbl, the highest since Aug. 16.
  • PADD 3 stocks are above the five-year average, but within the five-year high-low range.
  • Four-week average jet demand rose marginally last week by 0.2% to 1.669m b/d, while weekly demand was down 3.4% to 1.678m b/d.
  • When looking at the average of 2018-2023 and excluding the pandemic year of 2020, four-week average demand is higher on a seasonal basis by 44k b/d but narrowing from 138k b/d last week.
  • Demand is also within the seasonal high-low range.
  • The recent roll back in inventories and seasonally high demand has supported the USGC jet crack, which has climbed to $15.09/b.
  • USGC jet cracks have been rebounding after bottoming out at a near three-year low in 2021.

 

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EIA data showed US jet fuel stocks fell by 1.104m bbl last week, the lowest since Aug. 12.

  • Stocks are at 46.344m bbl, well above the five-year average level of 41.318m bbl.
  • PADD 1 stocks fell to their lowest since July 26, down 661k bbl to 11.782m bbl.
  • In PADD 3, the USGC refining hub, stocks actually rose by 1.066m bbl, or 7.6%, to 15.085m bbl, the highest since Aug. 16.
  • PADD 3 stocks are above the five-year average, but within the five-year high-low range.
  • Four-week average jet demand rose marginally last week by 0.2% to 1.669m b/d, while weekly demand was down 3.4% to 1.678m b/d.
  • When looking at the average of 2018-2023 and excluding the pandemic year of 2020, four-week average demand is higher on a seasonal basis by 44k b/d but narrowing from 138k b/d last week.
  • Demand is also within the seasonal high-low range.
  • The recent roll back in inventories and seasonally high demand has supported the USGC jet crack, which has climbed to $15.09/b.
  • USGC jet cracks have been rebounding after bottoming out at a near three-year low in 2021.

 

Keep reading...Show less