- Retail regular gasoline prices rose by 6.4c in the last four weeks to $3.421/Gal. About 53% 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 6.4 MMBbl/d for the week ending March 18 and are about 4% below the five-year average for this time of year
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- Retail diesel prices fell by 28.1c in the last four weeks to $4.128/Gal. About 41% 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 3.3 MMBbl/d for the week ending March 18 and are about 9% below the five-year average for this time of year
- Russia's diesel exports are on track to hit a record high this month despite EU sanctions (BBG)
- March shipments so far have averaged about 1.5 MMBbl/d, and are expected to hit the highest level in the data going back to the beginning of 2016
- Turkey, Morocco, and other nations have increased their purchases of Russian diesel fuel, compensating for the loss of the EU market
- However, April's loading plans for Russian ports show a drop, indicating the boom in shipments may not last
- Additionally, fuel held in floating storage has also surged to the highest since at least 2016, pointing to Russia's struggle in finding new buyers for its diesel
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