EIA Gasoline and Diesel Retail Prices Update

The Energy Information Administration (EIA) released its weekly data on diesel and gasoline retail prices for the week ended May 22nd, 2017. Prices for diesel fell modestly, while gasoline prices rose significantly. Retail prices followed crude prices down over the past four weeks, but with crude prices now on an upswing, product prices are following, and next week’s retail prices are expected to increase.

For the current week ended May 22nd, diesel prices declined by 0.5 cents to an average price of $2.539/gallon.

PADD 1 retail diesel prices decreased by 0.7 cents to $2.588/gallon. New England prices were flat at $2.626/gallon. Central Atlantic diesel prices fell by 0.4 cents to average $2.733/gallon. Lower Atlantic prices decreased by 0.9 cents to average $2.479/gallon. PADD 1 prices were 20.9 cents/gallon above their prices for the same week last year. PBF Energy will be shutting a 46 kbpd diesel hydrotreater at its 160 kbpd Paulsboro, New Jersey, refinery, for a three- to four-week maintenance period. Marathon closed a 110 kbpd crude unit at its 240 kbpd Catlettsburg, Kentucky, refinery.

In the Midwest PADD 2 market, retail diesel prices declined by 1.1 cents to average $2.468/gallon. This price was 14.3cents/gallon above its level for the same week last year. BP Husky reduced crude runs at its 160 kbpd Toledo, Ohio, refinery after its 25 kbpd coker broke down.

In the Gulf Coast PADD 3, retail diesel prices rose by 0.2 cents to $2.384/gallon. This price was 15.1 cents higher than in the previous year. Shell restarted the 35 kbpd jet fuel hydrotreater at its 340 kbpd Deer Park, Texas, refinery. Motiva continues to work on repairing the H-Oil unit at its 230 kbpd Convent, Louisiana, refinery. In July, Valero plans to shut down the 55 kbpd ULSD hydrotreater at its 293 kbpd Corpus Christi, Texas, refinery for an overhaul. Total USA is running the 60 kbpd coker at reduced capacity at its 240 kbpd Port Arthur, Texas, refinery following repairs plus an ongoing overhaul of a diesel hydrotreater.

In the Rocky Mountains PADD 4 market, retail diesel prices rose by 0.3 cents to $2.629/gallon. This price was 27.1 cents higher than in the prior year.

In the West Coast PADD 5 market, retail diesel prices rose by 0.4 cents to average $2.828/gallon. This price was 23.1 cents above its level last year. Prices excluding California decreased by 0.3 cents to $2.725/gallon, which was 22.3 cents above the retail price for the same week last year. California diesel prices increased by 1.0 cents to an average price of $2.912/gallon, 23.9 cents higher than last year’s price. Valero was forced to shut down the 34 kbpd hydrocracker at its 145 kbpd refinery at Benicia, California for unplanned repairs, which have extended beyond original estimates. BP shut the 65 kbpd hydrocracker at its 225 kbpd Cherry Point, Washington, refinery for an overhaul. Phillips 66 is preparing to restart the VGO/diesel hydrotreater, a sulfur recovery unit, and a hydrogen plant at its 139 kbpd Carson, California, refinery after completing an extended overhaul.

US retail gasoline prices increased by 3.0 cents for the week ended May 22nd, to $2.399/gallon. This price was 9.9 cents higher than for the same week in 2016. Gasoline prices had been trending down, but the current week brought higher prices to all PADDs save PADD 4.

In the East Coast PADD 1, prices for gasoline rose by 0.7 cents to $2.327/gallon. This price was 7.9 cents higher than last year’s price. Prices rose by 2.6 cents in New England to $2.393/gallon. Central Atlantic market prices increased by 0.5 cents to $2.442/gallon. Prices in the Lower Atlantic market rose by 0.3 cents, to bring prices to an average of $2.221/gallon. This was 4.3 cents higher than last year’s average price. Philadelphia Energy Solutions continues to run the 140 kbpd crude unit at its Point Breeze refinery at reduced rates. PBF Energy began to restart the 82 kbpd cat cracker at its 182.2 kbpd Delaware City refinery. Phillips 66 initiated restart of the 32 kbpd cat reformer at its 238 kbpd Bayway refinery in Linden, New Jersey.

In the Midwest PADD 2 market, retail gasoline prices jumped by 4.7 cents to average $2.315/gallon. Gasoline pump prices were 3.5 cents higher than they were one year ago. Phillips 66 closed for unplanned repairs the smaller of its cokers, 20 kbpd, at its 314 kbpd Wood River, Illinois, refinery. BP Husky reduced throughput at the 55 kbpd cat cracker at its Toledo, Ohio, refinery.

In the Gulf Coast PADD 3 market, gasoline prices rose by 2.0 cents to average $2.149/gallon. Prices for the week were 8.5 cents higher than for the same week in 2016. Motiva continues to have issues repairing the 52 kbpd H-Oil unit at its 230 kbpd Convent, Louisiana, refinery. Placid Refining reduced crude runs and moved up a five-week overhaul of the 25 kbpd cat cracker and related operations at its 75 kbpd Port Allen, Louisiana, refinery. Phillips 66 suffered a breakdown at the lone, 105 kbpd cat cracker at its 247 kbpd Belle Chasse, La., refinery. Valero had a delay restarting the 75 kbpd cat cracker at its Port Arthur, Texas, refinery following repairs, reportedly because of issues with a gas compressor.

The Rocky Mountains PADD 4 market was the only PADD where gasoline prices decreased, with pump prices easing 0.3 cents to average $2.381/gallon. This price was 8.1 cents higher than at the same time in 2016.

In the West Coast PADD 5 market, retail gasoline prices rose significantly by 6.1 cents to an average price of $2.933/gallon. This was 27.5 cents higher than at the same time a year ago. Excluding California, prices increased by 1.3 cents to an average of $2.656/gallon. This was 25 cents higher than at the same time in 2016. In California, prices skyrocketed by 8.9 cents to an average pump price of $3.094/gallon. California was the only state market to have gasoline prices above $3/gallon. Prices were 29.0 cents higher than last year’s price for the same week. Los Angeles prices rose by 5.6 cents to average $3.092/gallon. San Francisco pump prices jumped by 11.5 cents to average $3.186/gallon, 30.5 cents above last year’s price. Seattle prices increased 1.0 cents to average $2.873/gallon, 29.4 cents higher than prices one year ago. Tesoro’s 26 kbpd cat reformer at its 120 kbpd Anacortes, Washington, refinery, was shut for unplanned repairs. Tesoro initiated restart on the 30 kbpd cat reformer at its 265 kbpd Carson, California, refinery following extended overhaul. Chevron’s 49 kbpd cat reformer at its 273 kbpd El Segundo, California, refinery was out for unplanned repairs. Phillips 66 had a plant-wide power outage at its 139 kbpd Carson, California. Valero’s 145 kbpd Benicia, California, refinery, was closed because of a full-plant power failure the past Friday.

 

Market Condition Report - Disclaimer
The information contained herein is derived from sources believed to be reliable; however, this information is not guaranteed as to its accuracy or completeness. Furthermore, no responsibility is assumed for use of this material and no express or implied warranties or guarantees are made. This material and any view or comment expressed herein are provided for informational purposes only and should not be construed in any way as an inducement or recommendation to buy or sell products, commodity futures or options contracts.

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