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US Midwest Diesel Prices Set to Drop as Demand Cools

OIL PRODUCTS

Retail prices for diesel in the US Midwest region are expected to fall in the coming weeks, as agricultural demand falls and supply is drawn from the USGC and Chicago pipelines, according to traders who spoke to Reuters.

  • Prices in the region surged following maintenance at Phillips 66’s 208k b/d Ponca City refinery. The refinery restarted operations on Oct. 22.
  • Diesel reached $4.87/gal in Minnesota on Oct. 26, up 11% from September’s average, according to GasBuddy.
  • Diesel spot prices traded around a 2 cents discount to NYMEX diesel futures on Oct. 26, following Ponca City’s return. However, prices had been at over a dollar premium earlier in the month, a 12-year high, Reuters said.
  • Although additional supply is expected via pipeline, inventories remain tight, with Midwest diesel stocks at their lowest since July.
  • Refiners are also cautious to boost diesel production: as a by-product they will be left with additional low margin gasoline.
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