- Retailer regular gasoline prices fell by 4.4c in the last four weeks to $3.546/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 fell by 2.5 MMBbl/d for the week ending June 30 and are about 7% below the five-year average for this time of year
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- Retail diesel prices fell by 11.1c in the last four weeks to $3.806/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 fell by 1 MMBbl/d for the week ending June 30 and are about 16% below the five-year average for this time of year
- US diesel exports to Europe surge as domestic demand dips (BBG)
- US Gulf Coast increases diesel exports to Europe, heading for a record 0.45 MMBbl/d this month, countering weak domestic consumption, according to Kpler
- A significant drop in US manufacturing, linked to low diesel use, marks the lowest consumption level in a decade
- The US is also making up for falling exports to Brazil (now reliant on cheap Russian diesel) by boosting shipments to Europe
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