- Retail regular gasoline prices rose by 28.4c in the last four weeks to $3.850/Gal. About 47% 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 2.7 MMBbl for the week ending August 4 and are about 7% below the five-year average for this time of year
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- Retail diesel prices rose by 52.2c in the last four weeks to $4.378/Gal. About 44% 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 1.7 MMBbl for the week ending August 4 and are about 17% below the five-year average for this time of year
- Hedge funds show rising optimism toward diesel (Reuters)
- Investors are growing more confident about rising diesel prices, driven by low stockpiles and increasing expectations for a soft landing for the U.S. economy
- From May to August, fund managers increased their positions in middle distillates, with net long positions reaching 99 MMBbl by August 8
- Despite a general rally in oil prices, potential diesel shortages loom as inventories remain low and refining capacities are limited
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