After a volatile year for consumers at the pump, gasoline prices are now lower than they were at this time last year. According to AAA, the price per unleaded gallon was $3.329 last week, below the $3.343 per gallon price a year ago. The national average could drop to below $3 per gallon by Christmas, […]Read More
Diesel Price Premium Hits All-Time High Over Gas, Crude Oil
Reduced refining capacity combined with weather and geopolitical intrigue have eroded diesel stockpiles in the United States to noteworthy lows. Between the years of 2017 and 2021, the U.S. averaged 34 days of distillate supply, compared to just 25 days as of October 2022. Accordingly, while the price of gasoline has increased roughly 14% this […]Read More
Ohio Refinery Explosion Impact on Physical Fuel Market
A fire broke out at the BP/Cenovus Energy Plant in Toledo, Ohio yesterday and has halted operations completely. Tragically, two employees were killed in the Ohio refinery explosion which happened late in the afternoon. This refinery can produce over 3 million gallons of refined products per day and is presumably going to be shut down […]Read More
With crude and retail prices dropping, what does the future hold for consumers?
Crude and retail prices, despite the usual market fluctuations, have been on a steady decline over the last two months. Brent crude peaked in early March at over $125/barrel and exceeding $120/barrel again in June. WTI crude was much the same, surpassing $120/barrel in both March and June. Brent and WTI, year-to-date, have hit 28 […]Read More
Will There Be a Relief in Diesel Prices?
The Energy Information Administration (EIA) just released that the U.S. national average diesel price at the pump is $5.623/gallon. Is there any relief in sight? Let’s digest some data and assess. The Department of Energy’s (DOE) petroleum report revealed last week that U.S. distillate inventories are at their lowest level in 30 years; 104.9 million […]Read More
Putting a damper on holiday travel
Ohio has been a hot topic over the last few weeks with two major refineries shutting down simultaneously for preventative maintenance. Marathon and Husky have started their upkeep and maintenance season which would be expected to last from November, possibly into December. Not only are fuel prices at a multiyear high, but in some areas, […]Read More