- Retail regular gasoline prices fell by 19c in the last four weeks to $3.223/Gal. About 55% 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 3.1 MMBbl/d for the week ending December 23 and are about 4% below the five-year average for this time of year
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- Retail diesel prices fell by 51.2c in the last four weeks to $4.583/Gal. About 39% 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 0.3 MMBbl/d for the week ending December 23 and are about 7% below the five-year average for this time of year
- DOE Retail on-highway diesel prices rose for the first time in seven weeks
- The weekly DOE retail diesel price rose 4.6c to $4.583. The seven-week slide had taken down the benchmark from $5.333/gal on Nov. 7 to last week’s price of $4.537 before the recent turnaround
- The upward move followed NY Harbor ULSD’s price rally from $2.79 on Dec 7 to $3.36 on Dec 30
- Diesel prices have been trading lower for the past few weeks on various factors, such as a significant rise in inventories, and forecasts of warmer-than-normal weather
- However, the risk of potential reductions in Russian diesel exports when EU sanctions go into effect in February remains
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