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

JET FUEL

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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