- Retail regular gasoline prices fell by 3.6c in the last four weeks to $3.259/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 0.3 MMBbl/d for the week ending December 30 and are about 6% below the five-year average for this time of year
- U.S. retail average gasoline prices have risen for the second week in a row
- “Last week, the rise in gasoline prices continued, still due to previous refinery outages caused by the cold weather the week of Christmas. However, I’m optimistic that as refiners get back online, we could see the increases slow down as we head into the time of year when gasoline demand is at its weakest,” said Patrick De Haan, head of petroleum analysis at GasBuddy
- U.S. gasoline demand increased by 1.8% last week, with PADD 5 seeing most of the increases
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- Retail diesel prices fell by 39.8c in the last four weeks to $4.549/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 fell by 1.4 MMBbl/d for the week ending December 30 and are about 14% below the five-year average for this time of year
- G7 seeks to impose two price caps on Russian oil products (Reuters)
- According to a G7 official, the G7 coalition would try to impose two price caps on Russian refined products in February, one for products that are sold at a premium to crude oil and the other for those that are traded at a discount
- However, restricting Russian oil product prices is more difficult than imposing a price cap on crude alone as there are several oil products, and their pricing usually depends on where they are purchased rather than where they are produced, added the official
- The embargo on Russian refined products is set to come into effect on February 5
- AEGIS notes that with an embargo on Russian products looming, the distillate market could tighten further amid increasing travel and a lack of refining capacity
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