- Retail regular gasoline prices rose by 9.5c in the last four weeks to $3.600/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 fell by 2.4 MMBbl/d for the week ending April 21 and are about 7% below the five-year average for this time of year
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- Retail diesel prices fell by 19.9c in the last four weeks to $4.018/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 0.6 MMBbl/d for the week ending April 21 and are about 12% below the five-year average for this time of year
- Slowing diesel demand fuels recession fears
- Retail diesel prices have fallen to the lowest since February 2022, while NYMEX diesel futures have fallen to $2.48, the lowest since December 2021
- Demand for distillates in the US declined by 9.2% in the first quarter of 2023 compared to the five-year average and 8.8% down from 1Q2022
- A drop in diesel demand suggests reduced industrial and freight operations, fueling concerns about a potential U.S. recession
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