14.12.2016, 20:23
Asian cargoes reverse Los Angeles jet gains
OREANDA-NEWS. Los Angeles jet fuel prices fell over the past two weeks, erasing gains made in the second half of November, as an influx of cargoes from Asia weighed on market sentiment.
Los Angeles December jet fuel prices fell by 12?/USG, or 7pc, over the last two weeks, after hitting a 14-month high in early December.Prices fell as cargo supplies from Japan and China are expected to replenish supplies that had been diverted to northern California a few weeks ago. The Torm Camilla, coming from Japan, dropped off a partial cargo of jet fuel in Hawaii and is now taveling to Los Angeles, according to traders and ship brokers. The Silver Carolyn is also underway from Dalian, China, and expected to arrive in Los Angeles at the end of the month.
These two cargoes will replenish two earlier Los Angeles-bound cargoes from east Asia, the Hellas Fighter and the Ardmore Explorer, which were rerouted because of unanticipated supply tightness in the San Francisco bay area. Supply concerns in the north of the state have since eased, removing a major source of recent support to Los Angeles prices.
The Los Angeles jet fuel market has seen increased volatility over the last three weeks, after several months of low liquidity and low volatility. There has been more volatility over the last few weeks in the jet market than in the gasoline or diesel markets on the US west coast.
Los Angeles December jet fuel prices fell by 12?/USG, or 7pc, over the last two weeks, after hitting a 14-month high in early December.Prices fell as cargo supplies from Japan and China are expected to replenish supplies that had been diverted to northern California a few weeks ago. The Torm Camilla, coming from Japan, dropped off a partial cargo of jet fuel in Hawaii and is now taveling to Los Angeles, according to traders and ship brokers. The Silver Carolyn is also underway from Dalian, China, and expected to arrive in Los Angeles at the end of the month.
These two cargoes will replenish two earlier Los Angeles-bound cargoes from east Asia, the Hellas Fighter and the Ardmore Explorer, which were rerouted because of unanticipated supply tightness in the San Francisco bay area. Supply concerns in the north of the state have since eased, removing a major source of recent support to Los Angeles prices.
The Los Angeles jet fuel market has seen increased volatility over the last three weeks, after several months of low liquidity and low volatility. There has been more volatility over the last few weeks in the jet market than in the gasoline or diesel markets on the US west coast.
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