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US Gulf Coast jet fuel cash price highest since December 2014

Houston — The cash price for benchmark 54 grade jet fuel on Colonial Pipeline'sprompt cycle reached its highest level in more than three years Thursday, onthe back of a rising NYMEX basis contract, low stocks and low productionrates.

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S&P Global Platts assessed benchmark US Gulf Coast jet on scheduling dayfor Colonial's seventh cycle up 75 points to the NYMEX March ULSD futurescontract minus 9 cents/gal, for an outright price of $2.0204/gal. The lasttime it was assessed higher was December 4, 2014, at $2.0238/gal.

The price hike was partially due to a rising underlying futures contract.The NYMEX March ULSD futures contract was assessed at $2.1154/gal Thursday,and has been above $2/gal since late December.

A three-week-low jet stock level contributed to the high outright price,as well. The latest Energy Information Administration data showed Gulf Coastjet inventories drew 620,000 barrels to 13.52 million barrels and productionfell 61,000 b/d to 868,000 b/d last week.

Sources attributed the drop in jet production to refiners looking tomaximize diesel output over jet fuel to take advantage of attractive crackspreads.

The $2/gal mark is always a psychological barrier. It's still far fromthe record high of $4.2085/gal on July 3, 2008, and below most values betweenthen and 2014. But it shows the recovery going on in the crude market iscascading into the jet stream as well.

--Daron Jones, daron.jones@spglobal.com

--Matthew Kohlman, matthew.kohlman@spglobal.com

--Edited by Annie Siebert, ann.siebert@spglobal.com