- Retail regular gasoline prices fell by 25.4c in the last four weeks to $3.654/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 1.8 MMBbl/d for the week ending September 9, and are about 6% below the five-year average for this time of year
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- Retail diesel prices fell by 2c in the last four weeks to $4.964/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 N.Y. Harbor ULSD-WTI crack spread, a measure of refinery margin. It shows elevated cracks this year
- Distillate fuel inventories rose by 4.2 MMBbl/d for the week ending September 9, and are about 21% below the five-year average for this time of year
- Some analysts expect that U.S. fuel costs will continue to decline as China ramps up its diesel exports (Reuters)
- The country’s diesel exports surged to 0.830 million tonnes (0.200 MMBbl/d) in August, the highest since July 2021
- China’s fuel-export quota system governs how much of the spare volumes can be offered into the international market
- Exports may climb further as independent refiners and traders have applied for an extra 15 million tons (3.063 MMBbl) of export quota
- If approved, the total amount of exports in 2022 will rise to 39 million tons (7.963 MMBbl) compared to 38.6 million tons (7.882 MMBbl) last year
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