- Retail regular gasoline prices rose by 29.4c in the last four weeks to $3.489/Gal. About 58% 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 1.8 MMBbl/d for the week ending January 20 and are about 8% below the five-year average for this time of year
- US Retail gasoline prices climb for a fifth-straight week
- In addition to rising crude oil prices, gasoline prices are rising as “ retailers pass along the rise in wholesale gasoline prices due to continued challenges: refinery utilization that still hasn't fully recovered from December's cold weather, and refinery maintenance season that's just around the corner,” said Patrick DeHaan, head of petroleum analysis at GasBuddy
- Additionally, President Biden’s emergency petroleum release ended on December 31, 2022, according to the US DOE
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- Retail diesel prices fell by 5.8c in the last four weeks to $4.622/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 0.5 MMBbl/d for the week ending January 20 and are about 20% below the five-year average for this time of year
- Russia plans more diesel exports next month as EU sanctions kick in (BBG)
- Shipments from Russia’s key Baltic and Black Sea ports are set to surge to 2.74 million tons in February, a 2% hike on January’s planned flows, the highest export rate since January 2020
- However, the EU's ban on Russian refined oil products, which starts on February 5, creates uncertainties about how this would affect Russia's exports, given that the EU has long been Russia's largest market
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