- Retail regular gasoline prices rose by 0.009c in the last four weeks to $3.878/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 rose by 5.6 MMBbl for the week ending September 8 and are about 2% below the five-year average for this time of year
- Chinese refiners react to market tightness with record August oil processing (BBG)
- Chinese refiners reached a record fuel production of 15.3 MMBbl/d in August as refiners had favorable refining margins
- Diesel exports surged to 0.303 MMBbl/d, and jet fuel exports peaked since December in August, while gasoline exports grew by 13% from July to 0.37 MMbbl/d
- Muted domestic diesel demand due to property sector challenges is potentially driving refiners to export more
- FGE forecasts diesel exports to grow by 0.080 MMBbl/d to 0.240 MMBbl/d in September, an increase of 0.025 MMBbl/d in October, and a further 0.070 MMBbl/d rise in November
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- Retail diesel prices rose by 28.5c in the last four weeks to $4.633/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 3.9 MMBbl for the week ending September 8 and are about 13% below the five-year average for this time of year
- Russian diesel exports plunge by almost a third this month (BBG)
- Russian diesel exports for the first half of September dropped by nearly 31%, averaging 63,000 tons per day, due to refinery maintenance and a shift towards the domestic market
- Diesel output during this period fell 5.5% to 234,000 tons per day, while domestic supply increased nearly 1% from August averages to 155,000 tons daily
- Amid government appeals to stabilize already high domestic fuel prices before March's presidential elections, Russian producers have increased domestic fuel supplies
- “With a handful of sophisticated refineries in Russia’s European regions going down, diesel supply is set to go 9-10% lower” in September compared to August, said Kpler’s Victor Katona
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