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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessUS Daily Oil Summary: Gasoline Prices in Decline
US gasoline pump prices are continuing their decline, both compared to the previous week and against the average in 2022, according to GasBuddy data. Gasoline prices across the US average $3.49/gal, down 5.2 cents/gal on the previous week’s average.
- OPIS analysts are reporting a new 2023 low water marks for wholesale gasoline at US Gulf Coast, Chicago, and Group 3 (KS/OK/Great Plains refiners). Chicago wholesale gasoline may slip below $2/gal today. It is still profitable due to strong reported discounts on heavy Canadian crude of $25/bbl vs WTI, pricing at around $58/bbl yesterday.
- US refiner Valero said in its Q3 earnings call that it expects strong diesel cracks for this winter. Regarding diesel exports in Q3, 70% went to Latin America.
- Valero added that West Coast gasoline supplies continue to be tight, while its Q3 gasoline exports were sent mostly to Latin America. Valero’s 2024 maintenance is set to be a series of small projects, according to Bloomberg.
- USD: Firmer US growth data and struggling equity indices have underpinned further greenback strength on Thursday. With currency volatility low throughout the US session, the USD index stands just 0.15% in the green ahead of the APAC crossover.
- Real GDP came in stronger than expected in the Q3 advance release at 4.88% annualized, somewhere between consensus at 4.5 and the Atlanta Fed GDPNow at 5.4, after the 2.06% annualized in Q2.
- US Jobless claims were up 10k to 210k in the week to Oct. 21, while previous jobless claims for the week to Oct. 14 were revised to 200k.
- Congress is facing two White House supplemental funding requests: A USD$106 billion national security package which includes funds for Ukraine, Israel, Taiwan, and the US-Mexico border. And a USD$56 billion package for “critical domestic needs,” including social programs and disaster relief.
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.