Spot gasoline prices rose in most US markets while middle distillates mostly fell

摘要

Los Angeles in California was the only market covered here to see a week-on-week decline in gasoline prices and the only rise for jet fuel,while the Gulf Coast saw the only ULSD price increase.Refiners continued to announce more run cuts amid the demand-destructive coronavirus outbreak,with Marathon Pettoleum revealing plans to idle a second US refinery:its 161K-b/d Martinez facility in California.Meanwhile,data from the US EIA indicated demand(reported as product supplied)for jet fuel and”distillate fuel oil"(diesel and heating oil)plunged in the week ending April 10，while gasoline consumption saw a slight recovery but remained under extreme pressure.Demand for diesel and heating oil was at a low not seen since April 1999.The EIA's weekly data only goes back to the early 1990s,but its monthly demand data indicate consumption of jet fuel reached a low not seen since Jan.1967.For the two weeks to April 10，gasoline demand has hovered around levels comparable to those of early 1969.EIA data also showed a 6.5-percentage-point decline in refinery utilization over the week ending April 10 to an over-11-year low of 69.1%,and IIR Energy estimated that US refiners increased their offline capacity from 4.322MM b/d in the week to April 10 to 4.409MM b/d in the week to April 17.