- Retailer regular gasoline prices fell by 1.7c in the last four weeks to $3.559/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 0.004 MMBbl/d for the week ending July 7 and are about 7% below the five-year average for this time of year
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- Retail diesel prices fell by 8c 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 rose by 4.5 MMBbl/d for the week ending July 7 and are about 14% below the five-year average for this time of year
- Chinese diesel exports surge amid lower domestic demand and favorable profit margins
- Average daily shipments in the first 11 days of July exceeded 0.3 MMBbl/d, surpassing the previous four months' rate, according to Vortexa
- China has the potential to increase diesel exports, according to Zameer Yusof of Kpler. Additional quota allocations will determine the actual level of exports
- China's state refiners plan to raise runs to 10 MMBbl/d, the year's highest rate, as seasonal maintenance ends
- Kpler forecasts a monthly diesel surplus of 0.75-0.8 MMBbl/d for the remainder of the year
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