General Lee
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Reuters
UPDATE - Jet fuel falls 7 cents in L.A. market - traders
Tuesday May 25, 1:56 pm ET
(Updates with July price and trader comment)
HOUSTON, May 25 (Reuters) - Jet fuel prices in the Los Angeles spot market fell 7 cents early on Tuesday because of imports expected to arrive in June at West Coast ports, said traders in the West Coast refined products markets (0#P-WC).
Jet fuel is priced at a differential to the heating oil contract on the New York Mercantile Exchange. Jet fuel traded Tuesday at 22 cents over the NYMEX, down 5 cents from Monday. The NYMEX heating oil contract was down 2 cents at about $1.02 per gallon, setting the outright price for June jet fuel at $1.24 per gallon.
Traders said about 2.5 million barrels of jet fuel were expected to arrive in Los Angeles during June.
"July jet is lower than June," said a trader. "So anyone with a excess June barrels will want to sell in June and not hold until July."
July jet fuel was priced at 18 cents above the NYMEX heating oil contract, which would set the outright price for July jet fuel at $1.20 a gallon.
Bye Bye--General Lee
UPDATE - Jet fuel falls 7 cents in L.A. market - traders
Tuesday May 25, 1:56 pm ET
(Updates with July price and trader comment)
HOUSTON, May 25 (Reuters) - Jet fuel prices in the Los Angeles spot market fell 7 cents early on Tuesday because of imports expected to arrive in June at West Coast ports, said traders in the West Coast refined products markets (0#P-WC).
Jet fuel is priced at a differential to the heating oil contract on the New York Mercantile Exchange. Jet fuel traded Tuesday at 22 cents over the NYMEX, down 5 cents from Monday. The NYMEX heating oil contract was down 2 cents at about $1.02 per gallon, setting the outright price for June jet fuel at $1.24 per gallon.
Traders said about 2.5 million barrels of jet fuel were expected to arrive in Los Angeles during June.
"July jet is lower than June," said a trader. "So anyone with a excess June barrels will want to sell in June and not hold until July."
July jet fuel was priced at 18 cents above the NYMEX heating oil contract, which would set the outright price for July jet fuel at $1.20 a gallon.
Bye Bye--General Lee
