U.S. Rack Gas Falls 1.76cts; Diesel Rebounds


   
Miguel E. Andujar
DTN Refined Fuels Market Reporter

   DAVENPORT, FL (DTN) -- U.S. wholesale gasoline and diesel rack prices 
diverged Thursday (11/12), with gasoline extending its four-day decline while 
ultra-low sulfur diesel (ULSD) recovered modestly, reflecting uneven conditions 
across refined product markets as crude futures remained under pressure.

   National gasoline rack prices fell 1.76cts, or 0.7%, to $2.6165 gallon from 
$2.6341 gallon Wednesday, according to DTN data. ULSD increased 2.24cts, or 
0.5%, to $4.6012 gallon, reversing three consecutive sessions of declines.

   The contrasting rack movements came as oil markets balanced growing global 
supplies against continued geopolitical risks. OPEC+ crude production increased 
in October, supported by higher Saudi Arabian output, adding pressure to prices 
even as shipping disruptions near the Strait of Hormuz and tensions involving 
Russia maintained uncertainty over international oil flows.

   WTI crude futures dropped $0.76 to $85.77 bbl after recovering from deeper 
losses earlier Thursday. NYMEX ULSD declined 3.02cts to $4.1803 gallon, while 
RBOB gasoline edged up 0.17ct to $2.6092 gallon.

   Refining margins also reflected the uneven market. The diesel crack fell 
$0.52 to $89.82 bbl, extending its retreat from above $100 bbl in late October. 
Meanwhile, the gasoline crack increased $0.81 to $23.81 bbl, suggesting 
relative resilience in gasoline refining margins despite declining rack prices.

   The next test for petroleum markets comes at noon ET, when the Energy 
Information Administration releases its weekly inventory report, delayed from 
Wednesday by the Veterans Day holiday. Industry figures released Tuesday 
pointed to a substantial 9 million bbl crude build, alongside a 1.5 million bbl 
increase in distillates and a marginal 4,000 bbl rise in gasoline inventories. 
Similar government figures could add to concerns over U.S. petroleum supplies.

   Regionally, gasoline racks declined in four of five PADDs, with the Midwest 
recording the largest decrease at 4.94cts to $2.3910 gallon. West Coast 
gasoline bucked the trend, climbing 4.19cts to $3.2927 gallon.

   Diesel prices increased across all five regions, led by the West Coast, up 
6.89cts to $5.1847 gallon. East Coast ULSD rose 2.36cts to $4.4205 gallon, 
while Gulf Coast prices edged up 1.23cts to $4.4686 gallon.

    




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