LA Jet Fuel Basis Jumps by 32cts

MIAMI, FL (DTN) – The basis for prompt Los Angeles jet fuel jumped by 32cts on Tuesday (4/13) to a 75ct premium above May NYMEX ULSD futures as higher demand was noted for the product.

It was the latest spike in the basis for LA jet fuel, which was at a premium of 43cts to ULSD on Monday (4/13).

The price surge for LA jet fuel comes after the recent closure of Phillips’ 139,000 bpd refinery in Los Angeles and ahead of impending shutdown of Valero’s 145,000 bpd Benicia, California refinery, which is to cease operations in late April.