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Wholesale US Gasoline at 2023 Low for Many US Refiners: OPIS

OIL PRODUCTS

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 retail pump prices remain sluggish to drop. OPIS/AAA reports a nationwide price today of $3.531/gal.
  • Georgia becomes the first state with an average price below $3/gal but several others are likely to dip below that number this weekend, including TX, MS and Alabama according to OPIS.

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