- Retail regular gasoline prices fell by 0.7c in the last four weeks to $3.782/Gal. About 57% of the change was due to the price of crude oil, while the remainder was 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 2.4 MMBbl/d for the week ending September 23, and are about 6% below the five-year average for this time of year
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- Retail diesel prices fell by 23.6c in the last four weeks to $4.836/Gal. About 45% of the change was due to the price of crude oil, while the remainder was 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 2.9 MMBbl/d for the week ending September 23, and are about 20% below the five-year average for this time of year
- The Biden Administration has once again floated the idea of limiting U.S. fuel exports in order to ease the pressure on consumers at the pump (WSJ)
- Top White House officials asked executives from some of the biggest U.S. fuel producers to reduce exports on Friday
- The industry warns that any artificially imposed limits on U.S. fuel exports could lead to potential cost increases, refinery closures, job losses, and productivity declines in America
- “Continuing current Gulf Coast exports is essential to efficiently rebalance markets—particularly with diverted Russian supplies,” Exxon's CEO Darren Woods wrote in a letter to the U.S. DOE last week
- He added that “Reducing global supply by limiting U.S. exports to build region-specific inventory will only aggravate the global supply shortfall.”
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