This week's full report.
Upward movement in consumption continues...
Refinery levels continue to ease for a 4 week running average.
Crude inventories rose +4.2M barrels; distillates down -510K barrels; gasoline down -2.9M barrels.
For those interested, the exports of Crude, Petroleum Products, Including Gasoline has far outweighed the imports, by this much, since March, 2022.
Distillates per barrel are where the most profit for refineries lie. The current crack spread is $22.91 per barrel, with $12.01 coming from distillate and $10.89 from gasoline.
Those figures are down compared to last week. It is notable the drop in the diesel portion, which would suggest lessening demand, which is also seen in a slight downward trajectory in pump prices, as well as a slight decrease in refinery output, despite higher crude pricing.
Gasoline pump prices are edging up, which can be reflected in upward crude prices, lessening refinery operation, etc.
The relationship between diesel and gasoline should not be overlooked.
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