- Retail regular gasoline prices fell by 23.3c in the last four weeks to $3.136/Gal. About 57% 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 5.4 MMBbl for the week ending December 1 and are about 1% above the five-year average for this time of year
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- Retail diesel prices fell by 37.1c in the last four weeks to $3.987/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 rose by 1.3 MMBbl for the week ending December 1 and are about 13% below the five-year average for this time of year
- Diesel exports to Europe surge as US ships avoid Panama Canal (Bloomberg)
- Diesel exports from the US to Europe have reached an all-time high of around 437 MBbl/d this month, more than double in November, according to Kpler
- Transit restrictions and high costs at the Panama Canal, with rates up to $4.6 million for the Chilean route, are diverting US Gulf Coast diesel exports from South America's west coast to Europe
- Diesel exports from the US Gulf Coast to South America's west coast have dropped to less than a third of November's volume, with US refiners facing pressure to clear inventory
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