Gasoline consumption per latest EIA data, August 30, 2023

Gasoline prices (per AAA) slipped from last report's $3.845, to $3.827. One year ago the price had fallen to $3.844, and was on its downward trajectory... into the early September lull, about $3.80. It rose a bit, then fell back to the December low.

It has edged upward, by 0.9¢ the past 3 days. The market is pointing toward a bit more upward movement, but that remains to be seen.

Consumption steadied at last week's pace, which is +2.3% above year ago level. In theory, consumption should begin to taper off in September. 

Crude and Petroleum Product Inventories - August 30 2023

Data per the EIA weekly report. 

Crude stocks slid another -10.6M barrels, from last week, and is -3.4% below the 5 year seasonal average. It should be noted the 5 year average includes the abnormal 2020 and 2021 number. Otherwise, the current inventory is nearly +0.4% above normal.

Distillates inventory rose +1.2M barrels; and Gasoline inventories slipped about -214K barrels. Distillates (-13%,-2.6%) and Gasoline (-3.2%, -1.4%) are both below 5 year and 3 year adjusted average inventories.

The SPR increased another 600K barrels this past week. This is the 4th straight week for increases, which are the first since January, 2021.

WTI is $81.74, compared to $78.96 (+3.5%), one week ago, and $89.03, one year ago (-8.2%).

Refinery output slipped on a weekly basis, and is slightly above above year ago levels

For anyone interested, the U.S. has exported 829.9M barrels of crude and petroleum products, more than imported, since March 1, 2022. It jumped +11.8M barrels this past week. (Distillates account for approximately 77%.

Overall, crude stocks remain somewhat decnt, compared to this time last year, with days supply at 25.4, to last year's 25.5 days.

Me complaining about a curbside restaurant/grocery order #1.

I have frequently complained about curbside service from various local restaurants, and continously express my concerns via their surveys... to no avail.

So, here goes.

Cracker Barrel once again stiffed me on items missing from my order. I always tip 20% on curbside orders. 

Granted, I could unpack everything in the car and make sure it is all there, but... I would think an extra few seconds in ensuring the order is complete before the server exits the store, would be appropriate. Afterall, that 20% tip is easier money than actually waiting on a table.

That's my stupid opinion.

This is what I got stiffed today...

I should point out that grocery stores seem to be joining the omissions, but still charging.

A look at my electricity bills over time

I do odd things, one of which is monitoring my electric bills. 

Obviously, my electricity usage is based on weather, which does change from time to time. While the graph is based on actual payments based on month bill is due, I utilize a rolling 12 month average, to gauge year to year changes.

Currently that 12 month rolling average is +3.1% above year ago levels. I suspect it might be lower, as I altered the thermostat settings in December of 2022. I adjusted the nighttime heating settings from 68°F to 72°F, which would increase the usage in winter time. Daytime heat settings remained at 72°F.

Cooling settings remain at 76°F daytime and 72°F for nighttime.

Currently, the 2023 average is below last year, but that is with 4 more months of bills, which are generally higher than current average. Also, it should be noted that year over year... or base effects come into play, which tends to hide the overall increases. 

So what might seem like good news, still carries quite a bite on the budget. The CPI-U suggests that the average consumer spends about 2.754% of their expenses on electricity... or about $150 per month. 

While my average is significantly short of that dollar amount, percentage wise... my electricity expenses are well north of 2.754%.

EU & UK NatGas Inventory Report, August 25, 2023

Data from the Aggregated Gas Storage Inventory report...

The storage continues to increase, and has surpassed same period of 2020.

Natural Gas prices moderated in both nearby and futures pricing, as the potential for a strike by Australian Unions at one LNG facility seemed to have abated. At least until another strike was threatened, which sent prices upward again... today.

While current prices in the EU and UK are below pricing of 2 years ago, they are still elevated compared to 2019 and 2020. Despite LNG exports, U.S. prices remain at 2019 and 2020 levels.

U.S. NatGas Inventory Report, August 24, 2023

The Energy Information Administration released their weekly report today.

The Pacific Region continued to gain inventory, although still below one year ago and 5 year average.

The South Central region shed inventory over the week, yet remains well above year ago and 5 year average.

EIA.GOV, via SNL Energy

Generally speaking, natural gas prices are significantly below one year ago levels, and more in line with pre-covid levels. 

Current price levels suggest consumer inflation in natgas as well as pass through products (electricity) will continue to moderate. These products represent about 3.6% of the average consumer basket.

Gasoline consumption per latest EIA data, August 23, 2023

Gasoline prices (per AAA) slipped from last report's $3.873, to $3.845. One year ago the price had fallen to $3.892, and was on its downward trajectory... into the early September lull, about $3.80. It rose a bit, then fell back to the December low.

Consumption increase +1.4% week over week, and is +2.9% above year ago numbers. (This is a four week moving average). 

The good news, is the price seems to be easing a bit. Hopefully, it becomes a trend.

If history tells us anything... the increased consumption should begin to wane in the next couple of weeks. Then, if nothing else snaps... a descent in pump prices might be achieved. 👍