US jet fuel stocks, which hit 18-year lows in August, have rebounded to their highest levels since October, US Energy Information Administration data showed Wednesday.
High production and imports helped stocks spike for a third straight week, up 1.74 million barrels to 40.33 million barrels for the week ended September 19, the highest weekly total since since October 18, 2013.
That is a sharp reversal from 34.2 million barrels for August 1, which was a low since April 1996. The last weekend of August registered the second-lowest level in that time frame as high demand from airlines and exports took its toll.
Total stocks are only 0.4% below the same week a year ago, and above the one-year average of 37.57 million barrels. The East Coast was 16.7% lower than last year despite a 932,000-barrel week-on-week gain to 10.19 million barrels.
West Coast stocks increased 298,000 barrels to 9.46 million barrels, 10% higher than last year, while the Midwest rose 696,000 barrels to 7.62 million barrels, or 6.5% above a year ago, and the Rocky Mountains added 236,000 barrels to 766,000 barrels.
The Gulf Coast saw the only dip, down 426,000 to 12.3 million barrels, although many of those barrels were likely shipped up Colonial Pipeline from Houston to New York Harbor. Gulf Coast inventory was 3.6% above a year earlier.
Total US jet fuel production slipped 29,000 b/d week on week to 1.68 million b/d, but was 10.6% higher than a year ago and not far from 1.728 million b/d two weeks earlier, which was the highest since July 1, 2005.
Imports dropped 190,000 b/d to 103,000 b/d, but was still one of the higher levels of the summer, equal to about two and a half cargoes.
Production supplied, also referred to as implied demand, slipped 183,000 b/d to 1.4 million b/d as expected at the end of summer air travel. It was still 3.1% above year-ago levels.
