- Retail regular gasoline prices fell by 40.5c in the last four weeks to $3.827/Gal. About 54% of the change was due to the price of crude oil, while the remainder was refinery margin
- Scroll down for a chart of the RBOB-WTI crack spread, a measure of refinery margin. It shows elevated cracks this year
- Total motor gasoline inventories fell by 0.027 MMBbl/d for the week ending August 19, and are about 7% below the five-year average for this time of year
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- Retail diesel prices fell by 18.5c in the last four weeks to $5.115/Gal. About 45% of the change was due to the price of crude oil, while the remainder was refinery margin
- Scroll down for a chart of the NY Harbor ULSD-WTI crack spread, a measure of refinery margin. It shows elevated cracks this year
- Distillate fuel inventories rose by 0.7 MMBbl/d for the week ending August 19, and are about 24% below the five-year average for this time of year
- The Biden administration is threatening government action to address exports since fuel inventories in the Northeast are at a seasonally low level (BBG)
- Energy Secretary Jennifer Granholm sent a letter last week to companies like Exxon Mobil Corp., Valero Energy Corp., and Phillips 66 warning that if refiners don't restrict exports to replenish domestic inventories, the administration may take "emergency measures"
- East Coast (PADD 1) distillate stocks are currently at a six-week high of 27.5 MMBbl after they hit a seven-year low (26.1 MMBbl) at the end of July
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