Weekly Rack Recap : Diesel Drops 23.07cts; Gas Off 4.29cts


   
   DAVENPORT, FL (DTN) -- U.S. wholesale rack prices for ultra-low sulfur 
diesel (ULSD) and gasoline ended the week lower Friday (10/30), as shifting 
expectations surrounding the Middle East conflict and easing refining margins 
weighed on fuel prices despite a late-week recovery in energy futures.

   Nationwide ULSD rack prices averaged $5.2041 gallon, down 23.07cts, or 
4.25%, from the previous week's $5.4348 gallon, according to DTN data. 
Conventional unleaded gasoline declined 4.29cts, or 1.28%, to $3.1369 gallon 
from $3.1798 gallon.

   The weekly retreat reflected a change in market sentiment after earlier 
concerns over prolonged supply disruptions had driven petroleum prices sharply 
higher. Renewed prospects for diplomatic engagement between Washington and 
Tehran reduced some of the geopolitical risk premium, although uncertainty 
surrounding Middle Eastern crude production and transportation continued to 
influence trading.

   The Energy Information Administration's latest inventory report presented a 
mixed domestic supply picture. Gasoline inventories increased 3.9 million bbl, 
adding pressure to an already weakening gasoline market, while declines of 1.5 
million bbl in distillate stocks and 1.9 million bbl in commercial crude 
inventories pointed to continued supply constraints.

   Friday's futures market recovered some ground, with WTI crude advancing 
$2.14 to $104.14 bbl and NYMEX ULSD increasing 5.68cts to $4.7928 gallon. RBOB 
gasoline was at $3.1973 gallon. However, refining margins remained under 
pressure, with the diesel crack at $97.24 bbl, up $0.34 on the day but below 
the $100 bbl threshold breached earlier in the week. The gasoline crack 
declined $1.50 to $30.25 bbl.

   Diesel rack prices fell across all five PADDs, with the West Coast posting 
the largest weekly decline at 26.72cts to $5.6505 gallon. East Coast ULSD 
dropped 25.63cts to $4.9699 gallon, while Midwest and Gulf Coast prices 
declined 22.6cts and 17.52cts, respectively.

   Gasoline weakness was concentrated along the Gulf and West coasts, where 
prices fell 60.2cts and 34.24cts, respectively, from the previous week's 
levels. Midwest gasoline, however, increased 5.98cts to $2.9782 gallon.




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