This summer has seen oil prices at their highest levels in four years, but you would never guess that by looking at the statistics for US travel or jet fuel market fundamentals data. As Americans have taken to the skies in unprecedented numbers this summer, the US oil complex has churned out record-breaking amounts of jet fuel, supported by favorable production margins. In the first week of July, the S&P Global Platts assessment for the US Gulf Coast Brent crude to jet fuel cracking margin averaged $11.34/b, the highest that average has been since 2013 and about 31% above the previous four-year average of $8.63/b. Platts data shows that cracking margins in New York Harbor, Chicago and Los Angeles have followed similar patterns this year, which has helped lift US output to record levels. Nationwide jet production rose to 1.944 million b/d in the week that ended June 29, the highest that figure has ever been since the US Energy Information Administration began tracking it in 1982. This broke the previous all-time high set just a week earlier. The US Transportation and Security Administration said the Friday before Independence Day, June 29, was the second-busiest day in the history of… continue reading
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Source: CTRM Center