- Retail regular gasoline prices fell by 41c in the last four weeks to $3.390/Gal. About 54% 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 rose by 2.8 MMBbl/d for the week ending November 25 and are about 4% below the five-year average for this time of year
- U.S. national average gasoline prices declined to $3.390/Gal on Monday
- Retail gasoline prices have now declined 41c over the past 30 days and are only 3.3c higher than a year ago, according to AAA
- “For the first time in 670 days, the national average price of gasoline has fallen below its year-ago level, dropping for the fourth straight week to its lowest level since January,” said Patrick De Haan, head of petroleum analysis at GasBuddy
- AEGIS notes that uncertainties following the implementation of the Russian oil price cap, as well as the possibility of more production cuts by OPEC+ and/or Russia in retaliation, would be bullish for crude and products
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- Retail diesel prices fell by 36.7c in the last four weeks to $4.967/Gal. About 40% 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 3.5 MMBbl/d for the week ending November 25 and are about 13% below the five-year average for this time of year
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