Jet fuel prices on the rise; economic "green shoots" to be "buried under the thick ice" - IEA
Oil prices rose slightly in New York on Thursday, with light sweet crude for June delivery closing up 60 cents at USD58.62 per barrel. Prices fell to an intra-day low of USD57.10 on the release of a report from the International Energy Agency predicting world oil consumption will contract this year at its fastest pace since the 1980s.
Earlier in the week, oil traded above USD60 per barrel for the first time in six months.
Jet fuel prices have again trailed the increase in crude prices in the past week (to 12-May-09), rising 7.8% in New York, 7.9% at the US Gulf Coast, 6.8% in Los Angeles, 7.5% in Amsterdam and 6.1% in Singapore.
Daily jet fuel prices (kerosene, cents per gallon) at New York, US Gulf Coast, Los Angeles, Amsterdam, Singapore vs Crude Spot price (WTI, USD per barrel): 05-May-09 to 12-May-09
|
|
05-May-09 |
06-May-09 |
07-May-09 |
08-May-09 |
11-May-09 |
12-May-09 |
one week
|
12 month
|
|---|---|---|---|---|---|---|---|---|
|
New York Harbor |
141.75 |
147.35 |
148 |
152.07 |
149.92 |
152.75 |
7.8% |
-58.9% |
|
U.S. Gulf Coast |
138.5 |
144.1 |
145 |
149.07 |
146.67 |
149.5 |
7.9% |
-59.1% |
|
Los Angeles |
143.5 |
148 |
149 |
153.32 |
151.67 |
153.25 |
6.8% |
-59.5% |
|
144.81 |
149.04 |
149.41 |
154.1 |
152.74 |
155.61 |
7.5% |
-59.7% |
|
|
143.33 |
145.48 |
152.74 |
152.86 |
151.9 |
152.14 |
6.1% |
-59.8% |
|
|
WTI Spot |
53.81 |
56.29 |
56.67 |
58.58 |
57.79 |
58.81 |
9.3% |
-52.6% |
Daily jet fuel prices (kerosene, cents per gallon) at New York, US Gulf Coast, Los Angeles, Amsterdam, Singapore: 01-Dec-08 to 11-May-09
The International Energy Agency stated eight out of the world's ten largest oil consuming countries would experience a "marked fall" in oil demand this year, with only India and Saudi Arabia likely see positive oil demand growth.
The IEA noted, "as far as oil is concerned, the latest available data indicate that the 'demand green shoots', if any, continue to be buried under the thick ice of the current economic winter".