- Retail regular gasoline prices fell by 32.6c in the last four weeks to $3.396/Gal. About 55% 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 0.1 MMBbl for the week ending October 27 and are about 2% above the five-year average for this time of year
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- Retail diesel prices fell by 16.6c in the last four weeks to $4.366/Gal. About 46% 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 0.8 MMBbl for the week ending October 27 and are about 12% below the five-year average for this time of year
- Retail diesel price declines fourth time in five weeks amid refining cutbacks (Reuters)
- Retail diesel prices fell to $4.366/gal, marking the fourth decline in five weeks, reaching the lowest since early August
- Analysts estimate that refiners are reducing operations from summer highs due to slimmer fuel margins and ongoing maintenance
- “Refinery executives are aiming for low-90s utilization rates this quarter after running in the mid-to-upper 90% range most of the year,” according to Reuters
- A pullback for seasonal maintenance and a greater shift to producing distillates have reduced production, according to company executives, and analysts
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Furthermore, current distillate days cover holds steady at 28.1, the lowest since May, hinting at possible inventory tightening as refinery maintenance season concludes
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