U.S. Gulf Jet Fuel Crack Spread Surpasses $98 Amid Russian Export Ban

The U.S. Gulf Coast jet fuel crack spread reached a record high of $98.153 per barrel on September 1, according to S&P Global. The European ARA jet fuel crack spread also hit an all-time high of $98 on the same day.

S&P Global attributed the surge in U.S. Gulf Coast jet fuel prices to extended Russian diesel export bans and record U.S. jet fuel exports. Russia has extended its ban on diesel, marine fuel, and gas oil exports until September 30. S&P Global reported that U.S. jet fuel and gas oil exports in August totaled 54.2 million barrels, a monthly record.

The crack spread represents the refining margin, calculated as the price of refined jet fuel minus crude oil prices.