This week's full report.
Gasoline fell -2.3¢ for the week, but remains +10.3¢ from year ago level. Consumption did edge up this past report.
Inventories were again mixed, with crude down -1.4M barrels; Distillates up +560K; Gasoline up +915K.
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 $27.71, to $26.46. Gasoline at $16.43 from last week's $17.92. Distillates roset $10.03, compared to last week's $9.79.
It's hard to imagine any upward drift in gasoline pump prices on a national average basis. Consumption will need to pick up for prices to elevate above current levels. Even with reduction in gasoline production, the days supply is a bit high for early May.
I am not complaining, but the question is why consumption is lower than last year? Some reasons might be good, but some might also be bad.
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