Chicago jet fuel weakened versus futures to the lowest level in almost three months as inventories of the area’s aviation fuel grew. Gasoline in the region also declined.
Stockpiles of jet fuel in the Midwest, known as PADD 2, increased 36,000 barrels to 7.45 million in the week ended March 29, the third consecutive weekly gain, according to Energy Information Administration data compiled by Bloomberg.
No. 54 jet fuel in Chicago slid 1.5 cents to a premium of 2 cents to futures on the New York Mercantile Exchange at 2:34 p.m., the narrowest differential since Jan. 7, according to data compiled by Bloomberg. The same fuel fell 1 cent to 3.5 cents above futures in the Group 3, or Midcontinent, area.
Conventional, 85-octane gasoline in Chicago, or CBOB, weakened 2 cents to 26 cents below Nymex futures. Stockpiles of motor fuel in the region gained 257,000 barrels to 53.5 million last week, EIA data show.
The 3-2-1 crack spread in Chicago, a measure of refining profitability based on West Texas Intermediate in Cushing, Oklahoma, fell to $22.87 a barrel, the lowest level since Jan. 25, according to data compiled by Bloomberg.
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