Tight Supply Sends U.S. East Coast Jet Fuel Price SurgingThe U.S. East Coast is currently seeing record high jet fuel prices as the global market of distillates is exceptionally tight after the Russian invasion of Ukraine and the return of air travel after the pandemic. According to Refinitiv Eikon data cited by Reuters, Europe’s exports of distillates to the U.S. East Coast have slumped by almost 60 percent year over year.
Moreover, America’s own distillate supply is below the seasonal five-year average. Distillate fuel inventories last week were about 16 percent below the five year average for this time of year, the EIA said in its latest weekly petroleum inventory report.