This week's full report.
Gasoline pump prices fell -4.7¢ for the week, and continues well below year ago levels, by -46.7¢, or -12.1%. Days supply was steady at 24.2. For perspective... last year was also 24.2 days.
Inventories fell across the board, with crude down -4.6M barrels; Distillates slid -3.3M barrels; Gasoline down -1.6M barrels. Total Petroleum + products +SPR slid -5.2M barrels, with the SPR rising +636K barrels.
Despite the draws, the total products is still +46.75M barrels ahead of 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 slid further from last week's $21.12, to $18.67. Gasoline at $10.08 from last week's $12.44. Distillates to $8.60, compared to last week's $8.68.
With the overall spread easing, it is difficult to imagine the pump prices not edging lower.
The question is why? Despite the drop in inventories, the price of crude and gasoline on the futures market... is sliding to levels not seen since late 2023. Similarly for gasoline, even with inventories holding steady to year ago levels, with consumption even.
The almighty dollar, which crude futures are stated as, has dropped to levels, also not seen, since end of 2023.
While the U.S. consumption is steady, I get the uneasy feeling that in a supply/demand world... the demand is slipping.
It is that slippage, that makes me wonder if a slowdown is in the offing and where might it be coming.
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