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JET FUEL: US Jet Fuel Stocks Rise to Highest Since 2010

JET FUEL
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EIA data showed US jet fuel stocks rising by 747k bbl last week, pushing kerosene inventories to their highest level since September 2010.

  • Stocks are at 47.576m bbl, well above the five-year average level of 41.138m bbl.
  • PADD 1 stocks climbed to their highest level since 1990, rising by 1.129m bbl on the week to 13.534m bbl.
  • PADD1 stocks are now nearing the levels seen in PADD 3, whose stocks fell last week to 14.043m bbl. PADD 1 stocks last exceeded PADD 3's in February.
  • Despite rising stocks, four-week average jet demand is has also risen to 1.761m 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 a modest 15k b/d.
  • However, it remains within the high-low range over the past five years.
  • The rising inventories despite robust demand has led to a weakness in the USGC jet crack, which is at its lowest level since May 2023 at $15.17/b.
Source: Bloomberg
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EIA data showed US jet fuel stocks rising by 747k bbl last week, pushing kerosene inventories to their highest level since September 2010.

  • Stocks are at 47.576m bbl, well above the five-year average level of 41.138m bbl.
  • PADD 1 stocks climbed to their highest level since 1990, rising by 1.129m bbl on the week to 13.534m bbl.
  • PADD1 stocks are now nearing the levels seen in PADD 3, whose stocks fell last week to 14.043m bbl. PADD 1 stocks last exceeded PADD 3's in February.
  • Despite rising stocks, four-week average jet demand is has also risen to 1.761m 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 a modest 15k b/d.
  • However, it remains within the high-low range over the past five years.
  • The rising inventories despite robust demand has led to a weakness in the USGC jet crack, which is at its lowest level since May 2023 at $15.17/b.
Source: Bloomberg