- Retail regular gasoline prices rose by 5.5c in the last four weeks to $3.769/Gal. About 56% 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 fell by 0.1 MMBbl/d for the week ending October 14 and are about 7% below the five-year average for this time of year
- Gasoline futures are trading at their highest level since August
- Front-month NYMEX RBOB Gasoline rose nearly 20c, or 7.5%, in the past week to trade near $2.82/Gal
- Reducing refinery capacity and declining imports are supporting the prices
- Inventories have remained low, especially in the New York Harbor area, where supplies have fallen to their lowest in a decade for this time of year
- A significant portion of New York's gasoline supply comes from Europe, and imports have decreased as a result of maintenance and refinery strikes in the EU, which is experiencing its own energy crisis
- Local East Coast refining capacity has also decreased over time due to poor economics that prompted the closure of several plants
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- Retail diesel prices rose by 43.6c in the last four weeks to $5.341/Gal. About 42% 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 rose by 0.1 MMBbl/d for the week ending October 14 and are about 20% below the five-year average for this time of year
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