Houston — Production of jet fuel in the US reached an all-time high during the week ended July 27, the third time this summer refiners have set a new mark for jet output, US Energy Information Administration data showed Wednesday.
Nationwide jet production rose 128,000 b/d to 1.97 million b/d last week, the highest level recorded by the EIA since the agency began tracking it in 1982. US jet production reached record highs twice in June, EIA data showed.
S&P Global Platts Tuesday assessed benchmark Gulf Coast jet fuel on Colonial Pipeline's prompt 44th cycle at the NYMEX September ULSD futures contract minus 2.77 cents/gal, down 2 points from Monday.
Jet differentials have risen significantly year on year due to intense demand, not only from seasonal domestic travel, but also from Latin American countries. The USGC jet differential has averaged futures minus 5.26 cents/gal since the beginning of May, up from minus 12 cents/gal during the same period in 2017.
US jet stocks built on the record production rates, rising 1.33 million barrels to 41.12 million barrels, the highest in five weeks.
