London — Jet kerosene inventories in the Amsterdam-Rotterdam-Antwerp hub were down 1.8% on the week to 647,000 mt on February 6, but stand 5.4% higher year on year, according to data from PJK International.
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While the contango between the jet CIF NWE cargo front-month versus second-month spread has steepened over the past week, it remains insufficient to cover the cost of storage.
The front-month was assessed $1.50/mt below the second month on Thursday compared with $0.25/mt below on January 31.
The stronger contango structure comes amid ample arbitrage volumes arriving from East of Suez and relatively weak seasonal demand.
-- Neil Tailor, firstname.lastname@example.org
-- Edited by Alisdair Bowles, email@example.com