This week's full report.
Gasoline fell -7.2¢ for the week, and is now below year ago levels, by -4.9¢, or -1.4%. Consumption slipped... per this past report, and remains below year ago levels.
Inventories were mixed, with crude inventory down -3.8M barrels; Distillates up +3.2M barrels; Gasoline up +2.1M barrels. Total Petroleum + products +SPR rose +14.4M barrels.
Refinery output was steady and above 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 risen from last week's $23.19, to $23.97. Gasoline at $14.75 from last week's $14.35. Distillates to $9.21, compared to last week's $8.84.
The trends suggest a continuing drift downward in pump prices, imho.
What will be interesting over the next couple of weeks, will be whether consumption continues to ease in diesel consumption. What I sometimes overlook, while following gasoline prices, is those diesel prices. With sharp inventory build above year ago levels and consumption slipping... there appears a lack of demand.
But why?
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