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Market Turmoil Extends to Jet

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Buoyant oil prices had the wind knocked out of them Thursday after the US deferred its plan to refill the country’s Strategic Petroleum Reserve. A series of releases following Russia’s invasion of Ukraine have taken emergency stocks down to historic lows. SPR buybacks had been expected to tighten the market this year. But in Mar. 23 evidence to Congress, US Secretary of Energy Jennifer Granholm said it would be difficult at current prices. “We will continue to look for that low price into the future,” she added. Washington has been using the SPR as a tool to mitigate price spikes.

Jet Fuel, Crude Oil, Oil Spot Markets, Diesel/Gasoil
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