Patrick De Haan
@GasBuddyGuy
the (most accurate) gas price guy. 20+ years on fuel prices/energy markets. BS-buster. truth & integrity are my north star. lover of econ, dogs and bourbon.
2.2K Following 121.9K Followers
US getting closer to hitting 14 million barrels a day of oil production
US crude oil production rose 19kbpd m/m to 13.965mbpd in August from revised 13.946kbpd in July -EIA #oott#
DOE has announced it has found a home for the last 40 million barrels of oil authorized earlier this year, completing the 172 million barrel sale. This will potentially lead the SPR to fall under 250 million barrels in the weeks ahead, depending on timing of exchanges.
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fuel maps updated- who's seeing the largest YoY price differences? Link in bio- here's the diesel map
47 of 50 states are seeing #gasprices# lower today than a week ago- big drops in cycling states (FL, MI, OH, WI). 17 states that are averaging less than $4/gal, more could join in the next 2 weeks if geopolitical tensions continue to cool, or if they reverse, we could go back up.
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definitely a surprise. a bigger surprise would be if the former Limetree refinery in St. Croix is able to restart. the environment for it is welcoming, but the refinery would need significant investment. perhaps that situation is looking up?
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Valero is buying the mothballed Lyondell refinery in Houston and today said they will restart the facility and process about 167,000 b/d of crude and feedstock sometime in 2027. Not on most traders' bingo cards for sure.
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Woah: LyondellBasell has sold its shut-down refinery in Houston to Valero... could Valero get this refinery back online in the next 6-12 months? capacity is ~165,000bpd and its in a pretty good location.
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Great Lakes diesel continues to see a rally that would lead me to believe a diesel-producing unit is seeing impact in the region. wholesale ULSD is up over 80c/gal this week, which may lead retail prices to halt their decline, or see some increases in MI, IN, OH, IL, WI
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The national average price of gasoline has slipped to $4.19/gal, its lowest level since early September, while prices are still $1.15/gal higher than a year ago. Diesel holding at $6.31/gal. Avg gas price may fall close to $4/gal in the next couple weeks if nothing changes.
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good to see lots of regions with 30-day lows for wholesale gasoline prices: Great Lakes, Plains, PacNW... watch for further declines to retail gas prices in these areas
oil mkt summary (10/29): Dec WTI -78c to $102, Brent -44c to $114.88 after a Vance letter to Iran revived hopes for peace talks. ULSD -7.9c to $4.74, RBOB +1.2c to $3.19. Great Lakes diesel surged up 30c to $5.56.
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seeing broad relief in whlsle gasoline prices, plenty of states could eventually fall below $4/gal in the weeks ahead as refinery maintenance wraps up and so long as there aren't new attacks on global refining output. diesel could also come closer to falling back below $6.
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not a lot of good news, sharing for the info
Patrick De Haan (@GasBuddyGuy) and Robert Yawger discuss the latest in the energy market.
"There's really no sign of relief" as gas prices remain elevated, De Haan says.
In the long term, it's not a good story, Yawger says, adding that there is "widespread speculation that once the midterms are over, that'll unleash the Trump administration to settle its scores" with Iran.
For more market news, tune in at:
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gas tax holiday reality check: stations prepaid the tax on fuel already in the ground, so savings phase in as tanks turn over, not overnight. and importantly- it’s a discount, not a price freeze. oil and wholesale price still move, so prices can still rise during a suspension
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North Carolina has seen average gas prices drop 43c/gal from a week ago, as stations have passed along the 41-cent suspension of the gas tax. it does take time for stations to sell through taxed fuel before passing the drop along, hasn't stopped hundreds of complaints, however.
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DOE still looking for buyers of 17 million barrels of the previously authorized 172 million barrel release/exchange. In May, the exchange premium was ~28%. doubtful they'll get as much this time around.
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The Department of Energy, Strategic Petroleum Reserve Project Management Office (SPRPMO), located
at 900 Commerce Road East, New Orleans, Louisiana, is soliciting an exchange of up to 17,000,000 barrels
of crude oil.
#oott#
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Americans have now spent $135 billion more on gasoline and diesel purchases since March 1 than the same period last year.
GasBuddy tracking 47 different metro areas that are seeing average diesel prices over $3 per gallon higher than a year ago. Biggest jump? Santa Rosa, CA, up $3.74/gal from a year ago to $8.94/gal this morning.
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Just in: California and Colorado have both set new all-time records for highest diesel price: $8.44/gal for CA, $6.48/gal for CO. 48 states have set a new all-time record price for diesel in 2026. The only 2 that haven't yet: Rhode Island and Massachusetts
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just a dog and his kitten playing and pawing each other. Apollo’s mumbling is just 💯💯🤣🤣🤣
oil mkt summary (10/15): WTI +$2.88 to $97.97, 6th straight gain on a big crude draw. Brent -14c to $105.92. RBOB -7.9c to $3.18, lowest since Sept as gas stocks rose. ULSD -8.2c to $4.85, distillate stocks 12% below avg. subscribe for more insights on market moves
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