- Retail regular gasoline prices fell by 6.1c in the last four weeks to $3.448/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 3.7 MMBbl for the week ending July 26 and are 3% below the five-year average for this time of year
- US Summer Gasoline Usage Off to Stronger-Than-Expected Start (Bloomberg)
- Demand for gasoline in the US surged to its highest level since August 2019 in May, reaching 9.396 MMBbl/d, according to EIA
- This jump in gasoline usage suggests a stronger-than-expected start to the summer driving season, with May's monthly demand almost 0.4 MMBbl/d higher than EIA's weekly estimates
- The increased gasoline consumption has pushed US oil demand to the highest seasonal level on record for May
- Despite strong US demand, refining companies like Phillips 66 and Valero are cautious about global demand due to concerns that China's post-pandemic recovery may have peaked
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- Retail diesel prices fell by 9.3c to $3.755/Gal in the last four weeks. About 51% 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 1.5 MMBbl for the week ending July 26 and are about 7% below the five-year average for this time of year
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