- Retail regular gasoline prices fell by 1.8c in the last four weeks to $3.527/Gal. About 49% 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 0.6 MMBbl/d for the week ending June 23 and are about 7% below the five-year average for this time of year
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- Retail diesel prices fell by 15c in the last four weeks to $3.767/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 0.1 MMBbl/d for the week ending June 23 and are about 14% below the five-year average for this time of year
- Diesel Dips as Gasoline and Jet Fuel Surge in Summer Demand
- As the US enters the peak summer driving season, gasoline and jet fuel demand have seen strong increases, surging above 2022 levels, notably before the July 4 holiday
- Contrarily, diesel demand, less reliant on travel, is swiftly moving downward, diverging from the overall fuel demand trend
- Weekly distillate product supplied, a proxy for demand, dropped by over 0.6 MMBbl/d last week, hitting the lowest seasonal level in over a decade, excluding 2020
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