- Retail regular gasoline prices rose by 19.3c in the last four weeks to $3.871/Gal. About 57% of the change was due to the price of crude oil, while the remainder was the 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 2.0 MMBbl/d for the week ending October 7 and are about 8% below the five-year average for this time of year
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- Retail diesel prices rose by 37.9c in the last four weeks to $5.339/Gal. About 45% of the change was due to the price of crude oil, while the remainder was the 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 fell by 4.9 MMBbl/d for the week ending October 7 and are about 23% below the five-year average for this time of year
- NY Harbor diesel futures reached their second-highest level since the summer yesterday, settling at $4.0852/gal
- Distillate stockpiles are at their lowest seasonal levels since 1982
- Such low levels are alarming because diesel is one of the key components of the global economy
- The Biden administration is expected to propose an action ahead of the election to limit U.S. fuel exports or extend the SPR releases in order to ease the pressure on consumers at the pump
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