- Retail regular gasoline prices fell by 14.6c in the last four weeks to $3.711/Gal. About 57% 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 rose by 1.6 MMBbl/d for the week ending September 16, and are about 5% below the five-year average for this time of year
- President Biden reiterated his demands for oil companies to lower their costs on Monday, despite U.S. gasoline prices declining from the highs witnessed this summer (BBG)
- With crude prices easing last month, Biden said, "We haven't seen the lower prices reflected at the pump, though. Meanwhile, oil and gas companies are still making record profits."
- However, WTI prices fell 9.2% in August, and gasoline prices during the same month were also down, falling 9.2%, according to AAA
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- Retail diesel prices fell by 14.9c in the last four weeks to $4.889/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 1.2 MMBbl/d for the week ending September 16, and are about 18% below the five-year average for this time of year
- U.S. petroleum product exports (Fuels, HGLs, etc) hit a new record high in the first half of 2022
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