Oil price hits 18 month high, jet fuel rising
An overnight surge, on further positive data on the global economic picture, has seen another rise in the price of oil. Crude for May delivery jumped USD1.75 to USD86.62 per barrel in New York on Monday. Also boosting prices lately has been increasing levels of demand from the rapidly developing Chinese, Indian and Middle East economies, while US demand has also risen marginally, mostly related to petrol consumption.
But US inventories also continue to climb. The US Department of Energy announced last Wednesday that crude oil inventories rose to 2.9 million barrels, well above analysts expectations. A forecast 1.3 billion drop in petrol reserves also failed to materialise, with the stockpile climbing by approximately 300,000 barrels.
Oil pushing new peak
For the week to 30-Mar-2010, the price was up 0.6%, staying above USD80 per barrel for most of the period.
WTI spot price: Mar-2009 to Mar-2010
Source: Centre for Asia Pacific Aviation & US Energy Information Administration
Jet fuel prices (cents per gallon) were up in all markets. The largest gains were on the US Gulf Coast (+2.1%) and Singapore (1.9%) exchanges, while Amsterdam exchange prices rose 1.7%. New York Harbour and Los Angeles prices were both up 1.2%, with New York Harbour topping 220 cents per gallon for the first time since January this year.
Daily jet fuel prices (kerosene, cents per gallon) at New York, US Gulf Coast, Los Angeles, Amsterdam, Singapore: Jun-2009 to Mar-2010
Source: Centre for Asia Pacific Aviation & US Energy Information Administration
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): 23-Mar-2010 to 30-Mar-2010
|
23-Mar-10 |
24-Mar-10 |
25-Mar-10 |
26-Mar-10 |
29-Mar-10 |
30-Mar-10 |
one week Change |
12 month Change |
|
|---|---|---|---|---|---|---|---|---|
|
New York Harbor |
217.7 |
214.77 |
215.14 |
214.97 |
219.47 |
220.22 |
1.2% |
58.8% |
|
U.S. Gulf Coast |
210.7 |
207.52 |
208.9 |
210.86 |
214.69 |
215.22 |
2.1% |
61.0% |
|
Los Angeles |
215.7 |
212.27 |
213.15 |
214.23 |
218.69 |
218.22 |
1.2% |
56.8% |
|
212.79 |
208.94 |
210.45 |
211.66 |
216.19 |
216.49 |
1.7% |
59.6% |
|
|
208.21 |
208.21 |
207.74 |
209.76 |
209.64 |
212.14 |
1.9% |
50.5% |
|
|
WTI Spot* |
81.68 |
80.29 |
80.25 |
79.75 |
81.92 |
82.14 |
0.6% |
69.4% |