US gasoline prices have been on the rise, as peak diving season approaches while a number of refineries have been undergoing scheduled and unscheduled maintenance. The price increases have been particularly acute in the Midwest.
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| Source IEA, May 24th, 2013 |
EIA: - Higher gasoline prices in the Midwest largely reflect supply constraints stemming from decreased refinery runs and lower-than-normal gasoline inventories. Refinery utilization in the
Midwest has fallen steadily since the start of 2013, and is now about 83 percent of capacity, below the U.S. average of 87 percent. As of May 17, Midwestern gross refinery inputs were averaging 279,000 barrels per day (bbl/d) lower than at the start of the year. The reduction in runs reflects a combination of routine seasonal turnaround and maintenance activity, unplanned outages, and longer-term upgrading initiatives
But it seems that in spite of these constraints, price increases - at least at the national level - have stopped.
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| Source: Gasbuddy.com |
This is the result of a recent surprisingly sharp increase in the national gasoline stocks, with supplies now running above the 5-year range for this time of the year. And that should provide some relief for Memorial Day drivers as prices stabilize or even decline.
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| Source: DB |
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