Jet fuel differentials in New York Harbor showed sharp gains Monday as sources said a refiner was covering shorts.
S&P Global Platts assessed jet on Buckeye Pipeline at the NYMEX January ULSD futures contract minus 2.25 cents/gal, up 2.75 cents from Friday.
Sources said a refiner bought three 25,000-barrel batches at minus 3 cents/gal over the weekend.
"Sounds like a refiner has a problem, maybe short covering," said one distillates trader.
Bids in the Platts Market on Close assessment process for Atlantic Coast jet fuel reached minus 2.50 cents/gal, setting the day's assessed value.
New York Harbor differentials rose almost 2 cents/gal late last week as sources said a jet cargo would be headed to Montreal.
Platts cFlow vessel tracking software confirmed the NS Point left Montreal unladen last Tuesday. The vessel was outside New York Harbor Monday, waiting to be loaded for its voyage back up to Montreal.
