Gasoline prices on the US West Coast and East Coast are on a tear, opening arbitrage opportunities for refiners in Europe and Asia. As of May 10, gasoline inventories in Padd 1 (East Coast) stood at 59.9 million barrels, down from more than 63 million bbl at the same time in 2018. In Padd 5 (West Coast), gasoline inventories are 3.3 million bbl lower at just 26.4 million bbl. Retail prices in both markets are through the roof compared to other regions; California’s average price at the pump is $4.05 per gallon, with at least one county pricing above $4.70.
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