- Retail regular gasoline prices rose by 27.7c in the last four weeks to $3.868/Gal. About 50% 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 0.3 MMBbl for the week ending August 11 and are about 6% below the five-year average for this time of year
- Gasoline price nears seasonal record highs, raising inflation concerns (Bloomberg)
- US retail gasoline prices are near their highest seasonal level ever at $3.854/gal, marking the second-highest seasonal price since 2008, according to AAA
- Low inventories and refinery operations impacted by record heat have driven the recent price surge, reminiscent of last year's inflation spike
- While the Atlantic hurricane season threatens further price escalation, prices have dropped for five consecutive days after a nearly 9% July increase
|
- Retail diesel prices rose by 51.2c in the last four weeks to $4.389/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 NY Harbor ULSD-WTI crack spread, a measure of refinery margin. It shows elevated cracks this year
- Distillate fuel inventories rose by 0.3 MMBbl for the week ending August 11 and are about 16% below the five-year average for this time of year
- US diesel market tightens as winter demand approaches (Bloomberg)
- Prompt month NY Harbor ULSD prices rose by nearly 68c since early July to $3.131/Gal
- US retail diesel prices have been contributing more to inflation than gasoline in August, with challenges in stockpiling during the typical summer build-up, according to data compiled by Bloomberg
- Rising diesel prices are driven by a global supply crunch, tight inventories, heightened winter demand expectations, and operational challenges, including heatwaves and refinery maintenance
- Furthermore, net-long positions on Nymex diesel jumped to an 18-month high earlier this month
|
