Slide 18 of 26
Notes:
- Last summer’s low stocks and transition to Phase 2 RFG added price pressure over and above the already high crude price pressure on gasoline.
- As we ended last winter, gasoline inventories were low, and the spread between spot prices and crude oil were higher than typical as a result. Inventories did not recover and the spread remained higher than average through most of the summer.
- In November and December, as gasoline demand eased, prices relaxed and spreads returned to average levels -- only to rebound again in January and February as refineries began to undergo maintenance and the market watched the already low stock cushion erode further.
- This February, spreads are higher than last year -- averaging 14 cents so far. This is about twice what we would typically see this time of year.
