- Retail regular gasoline prices fell by 2.2c in the last four weeks to $3.095/Gal. About 56% 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 4.9 MMBbl for the week ending January 19 and are 1% above the five-year average for this time of year
- Trafigura tanker carrying Russian fuel struck by Houthis (Bloomberg)
- On Friday, a missile fired by the Houthi militants struck a tanker in the Red Sea transporting a cargo of Russian fuel, despite the Houthis saying they would not be attacking any Russian cargo
- Post-attack, tankers diverting via longer voyages around the Cape of Good Hope increased to 100, up from 69 the previous week, according to a report from Oil brokerage
- The report added that shipments of clean petroleum products like diesel through the Bab el-Mandeb Strait at the Red Sea's southern end dropped to 625 MBbl/d last week from the typical 2 MMBbl/d
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- Retail diesel prices fell by 14.1c in the last four weeks to $3.867/Gal. About 44% 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 January 19 and are about 4% below the five-year average for this time of year
- US fuel imports plummet from the Middle East on Red Sea turmoil (Bloomberg)
- US fuel imports, including diesel and jet fuel from the Middle East, drastically reduced due to ship attacks in the Red Sea, with January arrivals falling to about a third of December volumes
- Fuel imports decreased to 32 MBbl/d in January, a significant drop from 88 MBbl/d in December and 53 MBbl/d in January 2023, according to Kpler ship tracking data
- Despite the drop in imports, there's been no major impact on US East Coast fuel markets, with regional stockpiles for jet and diesel rising and distillate demand below seasonal norms due to a warm winter and slow trucking
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