- Retail regular gasoline prices rose by 4.2c in the last four weeks to $3.456/Gal. About 55% of the change was due to the price of crude oil, while the remainder was the refinery margin
- Scroll down for a chart of the RBOB-WTI crack spread, a measure of refinery margin. It shows elevated cracks this year
- Total motor gasoline inventories fell by 1.1 MMBbl/d for the week ending March 3 and are about 3% below the five-year average for this time of year
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- Retail diesel prices fell by 29.7c in the last four weeks to $4.247/Gal. About 40% of the change was due to the price of crude oil, while the remainder was the refinery margin
- Scroll down for a chart of the NY Harbor ULSD-WTI crack spread, a measure of refinery margin. It shows elevated cracks this year
- Distillate fuel inventories rose by 0.1 MMBbl/d for the week ending March 3 and are about 7% below the five-year average for this time of year
- US Retail diesel prices post a sixth-consecutive weekly loss
- The national average diesel price fell 3.5c/Gal from a week ago to $4.247
- According to EIA data, prices haven't been this low since February 28, 2022, when the national average was $4.104
- A relatively warm U.S. winter, along with declining prices, helped push the U.S. distillate inventories to 122.3 MMBbl, the highest level in a year
- Patrick De Haan, head of petroleum analysis at GasBuddy, estimates that retail prices will keep falling as demand weakens and winter heating oil consumption declines
- Record volume of Russian diesel is afloat on the sea as EU sanctions make it difficult to find new buyers (BBG)
- About 4.4 MMBbl is stored on vessels used as floating storage as of March 5, and the remainder is hauled across the water, but often, the final destination is unclear, according to Kpler
- Barrels from the Baltic are being transported to Brazil, Morocco, and even Saudi Arabia, despite the fact that many of them are generally only transported as far as Poland or Germany
- AEGIS notes that if the amount of Russian diesel-type fuel kept in floating storage keeps rising, Kremlin might eventually have to reduce exports if it can't find buyers
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