- Retail regular gasoline prices rose by 21.6c in the last four weeks to $3.656/Gal. About 50% 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 1.3 MMBbl/d for the week ending April 14 and are about 6% below the five-year average for this time of year
- U.S. Gasoline prices fall for the first time in three weeks
- U.S. Regular retail gasoline prices fell by 0.7c last week to trade at $3.656/Gal
- GasBuddy’s Patrick De Haan said that “while the fall was quite small, the bigger news may be that we may have seen a short-term peak in the price of gasoline”
- He added that "While it's possible we could go higher later this summer should a major hurricane target sensitive infrastructure, it appears the odds that the national average will miss the $4/Gal mark are rising"
|
- Retail diesel prices fell by 18.1c in the last four weeks to $4.077/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 0.4 MMBbl/d for the week ending April 14 and are about 11% below the five-year average for this time of year
- Global diesel margins have slumped by about half since February, dragging on refiners' profits (WSJ, Reuters)
- In Europe, diesel margins have fallen from $21.50/Bbl in February to $13.70/Bbl in April
- In Asia, diesel margins have fallen from $25.99/Bbl in February to $14/Bbl in April
- These declines are due to a number of factors, including the continued flow of Russian oil to other markets, an unusually mild winter in Europe that led to a build-up in inventories, and falling demand for gasoil to replace natural gas in power generation
- Additionally, Goldman Sachs notes declining refining margins towards historical norms in the coming months in a client note last week
|
