Jet fuel pricing holds steadily under last year's average, at $1.88/gallon
Updated: Jan 2
Despite low jet fuel reserves throughout the country, particularly in the eastern region, American jet fuel prices remained steadily under the average prices for last year.
During the week ending Nov. 29, 2019, there were approximately 38.3 million barrels of kerosene-type jet fuel in stock, in the U.S., with 1.9 million barrels being supplied per day, according to the U.S. Energy Information Administration (EIA). That same week, the average weekday spot price for jet fuel in the US Gulf Coast was US$1.85 dollars per gallon. The recorded spot price average for jet fuel so far this year is $1.88 per gallon, compared to $2.01 per gallon in 2018.
The spot price for jet fuel in the U.S. Gulf Coast, which dipped below $1 per gallon on various weeks throughout the first half of 2016, has not reached above $3 per gallon in nearly six years, according to the EIA. On Sept. 12, 2008, in response to the destruction caused by Hurricane Gustav, jet fuel prices reached an all-time high of $4.80 per gallon, in a year where rising fuel prices had already dealt a massive blow to major American airlines.
U.S. crude oil refinery inputs averaged 16.8 million barrels per day during the week ending Nov. 29, 2019, which was 464,000 barrels per day less than the previous week’s average. On average, U.S. refineries produce, from a 42-gallon barrel of crude oil, about four gallons of jet fuel. The amount of jet fuel product supplied over the four-week period, ending Nov. 29, 2019, was up 1.4% compared with the same four-week period last year.
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