This week's full report.
Gasoline edged up 0.3¢ for the week, but also up 5.3¢ from year ago level. Consumption is below last week and year ago levels.
Inventories were mixed, but only due to distillates down 732K barrels. Crude was up 7.3M barrels, with gasoline up 344K barrels.
Refinery output continues to lag, against 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 $29.44, to $27.71. Gasoline at $17.92 from last week's $19.49. Distillates at $9.79, compared to last week's $9.95.
With recent developments over concern for demand... I would expect the pump prices to start falling.
The big question is why the demand is slipping. I doubt it is due to pump prices, but rather constraints in other areas... limiting cash available at the pump. In any case, it is worth watching, as there are troubling signs.
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