EIA Digest: Retail prices for transportation fuels keep getting more expensive

US crude stocks added over 3 million barrels last week as refinery intake fell 500kbd, reinforcing this year's light autumn maintenance season. Gasoline yields stayed deep below seasonal averages and diesel retail prices marked a new record high.

Market & trading calls:

• Crude stocks built by just over 3Mb as refinery intake fell 500kbd w/w, occurring within a lighter-than-usual autumn maintenance season.
• Gasoline stocks remain 12.6Mb below the five-year average, with yields still 3.2pp below seasonal norms despite a 0.3pp weekly increase.
• Diesel retail prices reached a record $6.53/USG this week, driven by a run up in crude prices

US crude stocks added a little more than 3Mb over the week ending 18 September in today's weekly EIA data release. At the same time, nationwide crude intake plunged by 500kbd w/w in what continues to be a relatively light autumn refinery maintenance season.

Meanwhile, US gasoline stocks shed 1.7Mb, remaining some 12.6Mb below the 5-year average. Gasoil/diesel stocks were down by just 400kb, while jet fuel inventories added a marginal 130kb. Finally, fuel oil stocks increased by 700kb, reaching a new 5-month high, all w/w.

Gasoline yields ticked up by 0.3pp w/w to 47.5%, now trending a notable 3.2pp below the 5-year average, with yields for the other core refined products (gasoil/diesel, jet and fuel oil) sitting above the same metric.

Most interesting weekly developments came from retail prices for transportation fuels this week, with data released yesterday showing average US regular conventional gasoline prices reaching $4.34/USG and average diesel prices topping $6.53/USG, a new record high, amid higher crude prices.

US: Crude intake (Mbd)

Source: EIA

US: Weekly regular conventional retail gasoline prices ($/USG)

Source: EIA

US: Weekly retail ULSD prices ($/USG)

Source: EIA

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