Retail regular gasoline prices rose by 6.4c in the last four weeks to $3.421/Gal. About 53% 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 6.4 MMBbl/d for the week ending March 18 and are about 4% below the five-year average for this time of year
Retail diesel prices fell by 28.1c in the last four weeks to $4.128/Gal. About 41% 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 fell by 3.3 MMBbl/d for the week ending March 18 and are about 9% below the five-year average for this time of year
Russia's diesel exports are on track to hit a record high this month despite EU sanctions (BBG)
March shipments so far have averaged about 1.5 MMBbl/d, and are expected to hit the highest level in the data going back to the beginning of 2016
Turkey, Morocco, and other nations have increased their purchases of Russian diesel fuel, compensating for the loss of the EU market
However, April's loading plans for Russian ports show a drop, indicating the boom in shipments may not last
Additionally, fuel held in floating storage has also surged to the highest since at least 2016, pointing to Russia's struggle in finding new buyers for its diesel
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