- Retail regular gasoline prices fell by 4.4c in the last four weeks to $3.379/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 fell by 1.9 MMBbl/d for the week ending February 17 and are about 5% below the five-year average for this time of year
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- Retail diesel prices fell by 24.5c in the last four weeks to $4.376/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 2.7 MMBbl/d for the week ending February 17 and are about 12% below the five-year average for this time of year
- Record volume of Russian diesel is afloat on the sea as EU sanctions make it difficult to find new buyers (BBG)
- Nearly 24 MMBbl of Russian diesel-type fuel is being held in vessels’ storage tanks, according to Kpler
- Barrels from the Baltic are being transported to Brazil, Morocco, and even Saudi Arabia, despite the fact that many of them are generally only transported as far as Poland or Germany
- About 1.7 MMBbl is stored on vessels used as floating storage, and the remainder is hauled across the water, but often, the final destination is unclear
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