- Retail regular gasoline prices rose by 5.8c in the last four weeks to $3.595/Gal. About 51% 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 2.7 MMBbl/d for the week ending June 2 and are about 8% below the five-year average for this time of year
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- Retail diesel prices fell by 23.3c in the last four weeks to $3.794/Gal. About 45% 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 5.1 MMBbl/d for the week ending June 2 and are about 16% below the five-year average for this time of year
- Record Fuel Sales in India Signal Strong Global Oil Demand (Bloomberg)
- May saw record diesel and gasoline sales in India, up 13% and 11% year-on-year, indicating a bullish sign for global oil markets
- This surge followed India's better-than-expected 6.1% Q1 economic growth, benefiting the nation's state-run fuel retailers who've kept prices stable since April last year
- Standard Chartered analysts added that higher-than-expected May consumption hints at potential further growth
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