Jet Fuel Basis in Chicago Records All-Time High

HOUSTON, TX (DTN) – Basis for jet fuel in the Chicago spot market surged by 45cts to a 90cts premium to April ULSD futures on the New York Mercantile Exchange on Tuesday (3/31), doubling from the prior day.

The premium widened sharply in the final trading session ahead of the April contract’s expiry and the roll into May, marking an all-time high and the steepest increase since the Iran war started on February 27. The hike was supported also by tightening supply and firm demand fundamentals.