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Platts Jet Fuel

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Mediterranean jet fuel market weakens on heavy supply: sources

London (Platts)--15Dec2017/739 am EST/1239 GMT


Heavy supply in the Mediterranean jet fuel market in a time of seasonally low demand was weighing on prices, sources said.

Premiums to the Platts FOB Med assessment fell from around $10/mt last week to between $6-8/mt this week, according to sources.

Supply continued to be provided by domestic refiners, with buyers unwilling to pay up and tenders heard issued from Greek and Egyptian refiners -- although further details could not be obtained -- were being published regularly.

In a somewhat unusual move, a cargo of dual purpose kerosene was heard to be moving from Cartagena to Ireland. With its lower sulfur content, DPK can be used in either the heating or the aviation pools; the cargo moving to Ireland is likely to move into both these markets upon landing, sources said.

Alongside supply from refiners, who have seen margins remain healthy, despite the price falls, a period of end-of-year destocking meant additional barrels were available in the Mediterranean.

Homes for these extra barrels were not forthcoming, according to a source, in a Catch-22 situation as destocking activity meant few participants had any interest in buying.

--Caroline Knight, caroline.knight@spglobal.com
--Edited by Jonathan Fox, jonathan.fox@spglobal.com

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The Jetfuel Price Monitor is a joint Platts - IATA initiative
The index and price data shows the global average price paid at the refinery for aviation jet fuel at the reported date.

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