Thursday, September 5, 2024

This Week in Petroleum Summary September 5th, 2024 per EIA.GOV

This week's full report

Gasoline pump prices fell -0.9¢ for the week, and continues well below year ago levels, by -50.3¢, or -13.2%. Days supply edged up to 24.0. For perspective... last year was 23.8 days.



Inventories were mixed, with crude down sharply -6.9M barrels; Distillates down -371K barrels; Gasoline stocks rose +1.82M barrels. Total Petroleum + products +SPR slid -6.2M barrels, with the SPR rising +1.8M barrels.

Despite the draws, the total products is still +44.4M 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 $16.37, to $15.60. Gasoline at $7.61 from last week's $8.92. Distillates to $7.99, compared to last week's $7.45.

With the overall spread easing, it is difficult to imagine the pump prices not edging lower, although Diesel may be nearing a bottom

I may be crazy, but another -12¢~15¢ on pump prices, for gasoline and maybe -7¢ on diesel.

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