- Retail regular gasoline prices fell by 26.5c in the last four weeks to $3.289/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 fell by 1.5 MMBbl for the week ending November 10 and are about 1% above the five-year average for this time of year
- Russia resumes gasoline exports amid ample domestic supplies (Bloomberg)
- Russia lifted its temporary gasoline export ban, set in September to manage inflation, as domestic inventories reached about 2 million tons, saturating the market
- The resumption, effective from Nov. 17, aims to prevent inventory overstocking and reduced refinery operations, coinciding with the winter’s lower seasonal gasoline demand
- Analysts estimate December exports of 350,000 to 500,000 tons, with Russia set to monitor domestic production and prices, leaving the option open to reimpose the ban if necessary
|
- Retail diesel prices fell by 28.5c in the last four weeks to $4.209/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 1.4 MMBbl for the week ending November 10 and are about 13% below the five-year average for this time of year
- Middle East diesel exports to Europe hit 11-Month low amid refinery issues & US competition (S&P)
- Middle East diesel exports to Europe fell to a monthly average of 0.248 MMBbl/d in October, the lowest since November 2022, due to refinery disruptions and increased supplies from the US and India
- Meanwhile, US diesel exports to Europe rose to 0.115 MMBbl/d in October and 0.236 MMBbl/d in November so far, with the US Gulf Coast to Europe arbitrage making these exports more viable, despite low US diesel stocks
- Maintenance at Saudi Arabia's SATORP refinery and unplanned incidents at Kuwait's Al-Zour refinery impacted Middle East diesel supply, but an expected regional supply improvement is anticipated by end of the year and into January
|
