- Retail regular gasoline prices fell by 6.4c in the last four weeks to $3.144/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 2.2 MMBbl for the week ending October 11 and are 4% below the five-year average for this time of year
- U.S. gasoline prices tied to geopolitics as election nears (WSJ)
- Average U.S. gasoline prices are slightly over $3/gallon, with further declines possible as the holiday season approaches, according to Patrick De Haan of GasBuddy, who noted, “there is more potential that we will get to multiyear lows… just in time for the election”
- Risks remain due to potential disruptions in the Middle East, especially if the Strait of Hormuz is affected, which could lift oil prices
- Both presidential candidates pledge to lower energy costs, but market fundamentals like OPEC's output adjustments and U.S. production increases are expected to drive prices in 2025
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- Retail diesel prices fell by 3.4c to $3.553/Gal in the last four weeks. About 50% 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 3.5 MMBbl for the week ending October 11 and are about 10% below the five-year average for this time of year
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