- Retailer regular gasoline prices rose by 21.9c in the last four weeks to $3.757/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 0.8 MMBbl for the week ending July 21 and are about 7% below the five-year average for this time of year
- Gasoline prices continue to soar amid summer heat
- Retail gasoline prices, which are at an eight-month high, gained over 16c last week to $3.757/gal
- U.S. retail gasoline prices have soared recently following heat-related disruptions at major refineries and peak summer demand coinciding with the lowest seasonal stocks since 2015
- Atleast four U.S. refineries reported fires, while seven others had to take units down due to power outages and unplanned repairs
- However, Gas buddy’s Patrick De Haan cautioned that potential disruptions during the hurricane season could push the national average over $4 /gal for the first time in 2023
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- Retail diesel prices rose by 26.9c in the last four weeks to $4.127/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 0.2 MMBbl for the week ending July 21 and are about 14% below the five-year average for this time of year
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