This week's full report.
Gasoline pump prices fell -6.4¢ for the week, and continues well below year ago levels, by -57.9¢, or -15.1%. Days supply edged up to 24.7. For perspective... last year was 24.8 days.
Inventories were up across the board, with crude up +833K barrels; Distillates up 2.3M barrels; Gasoline stocks rose +2.3M barrels. Total Petroleum + products +SPR rose +9.2M barrels, with the SPR rising +279K barrels.
The total products is still +42.9M 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 $15.60, to $15.39. Gasoline at $7.82 from last week's $7.61. Distillates to $7.57, compared to last week's $7.99.
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 the trend of -12¢~15¢ on pump prices, for gasoline and maybe -7¢ on diesel, continues. There is significant potential for pump prices to be under $3 by Christmas... or earlier.
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