- Retail regular gasoline prices rose by 13.3c in the last four weeks to $3.667/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 fell by 1.2 MMBbl for the week ending April 12 and are 4% below the five-year average for this time of year
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- Retail diesel prices fell by 2.8c to $4.032/Gal in the last four weeks. About 45% 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 2.8 MMBbl for the week ending April 12 and are about 7% below the five-year average for this time of year
- Global diesel demand to rise by 340 MBbl/d in 2025, says Energy Aspects
- Global diesel demand is projected to rise by 340 MBbl/d in 2025, driven by a 150 MBbl/d increase in the East of Suez region, Energy Aspects said in a report last week
- Additionally, new sulfur emission regulations in the Mediterranean, effective May 2025, will boost demand for low-sulfur diesel by 80 MBbl/d
- The supply of diesel globally is also expected to climb by 380 MBbl/d, led by a significant contribution from the Asia-Pacific region. Concurrently, global jet fuel demand is anticipated to slightly exceed 2019 levels.
- In refining activities, European runs have been sharply revised upwards due to lower-than-expected maintenance, while Chinese refinery output has been reduced due to significant maintenance activities.
- The global distillates market is expected to see a deficit of 307 MBbl/d in the 2Q 2024, followed by a surplus of 577 MBbl/d and 378 MBbl/d in 3Q and 4Q of 2024, according to the report
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