This week's full report.
Gasoline fell -3.3¢ for the week, but remains +7.2¢ from year ago level. Consumption did edge up again per this past report.
Inventories were down across the board, except total petroleum + products, with crude down -2.5M barrels; Distillates down 45K; Gasoline down -235K.
Refinery output continues to lag, compared to year ago levels.
For those interested, the exports of Crude, Petroleum Products, Including Gasoline has far outweighed the imports, by this much, since March, 2022.
The current crack spread has dropped from last week's $26.46, to $25.35. Gasoline at $15.97 from last week's $16.43. Distillates slid to $9.39, compared to last week's $10.03.
A drift lower on pump prices is easy to imagine at this point. Things can change rapidly. It does seem to indicate consumption running below year ago levels and the why... is the question in my mind.
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