- Retail regular gasoline prices fell by 8.9c in the last four weeks to $3.598/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 fell by 0.2 MMBbl for the week ending May 10 and are 1% below the five-year average for this time of year
- Russia temporarily allows gasoline exports as local demand met (Bloomberg)
- Russia has temporarily lifted its export ban on gasoline from May 20 to June 30 to manage refinery overstock as domestic demand is met
- The government's decision aims to avoid reduced oil processing volumes at refineries due to excess gasoline supplies
- The export ban, initially set from March 1 for six months, was in response to potential domestic shortages and price spikes during heightened political activities and external disruptions
- Before the ban in February, Russia exported about 141 MBbl/d of gasoline, nearly 14% of its total production, maintaining stability in the fuel market and ensuring adequate domestic supply
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- Retail diesel prices fell by 25.5c to $3.789/Gal in the last four weeks. About 47% 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 decreased slightly for the week ending May 10 and are about 7% below the five-year average for this time of year
- Benchmark diesel price near lows last seen in July (Freightwave)
- U.S. retail diesel prices have dropped to their lowest since early July 2023, marking the sixth consecutive weekly decline, now at $3.789/gal
- Futures prices for NYH ULSD have fallen by about $0.17/gal since mid-April
- The price difference between ULSD and Brent crude has remained stable, oscillating between $19 and $20.50/Bbl, showing little sign of significant change
- Despite a slight contango in the diesel futures market encouraging inventory build-up, U.S. and global diesel stocks have not shown a substantial increase, suggesting continued price softness relative to crude oil
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