US gasoline pump prices are continuing their decline, both compared to the previous week and against the average in 2022, according to GasBuddy data. Gasoline prices across the US average $3.49/gal, down 5.2 cents/gal on the previous week’s average.

• OPIS analysts are reporting a new 2023 low water marks for wholesale gasoline at US Gulf Coast, Chicago, and Group 3 (KS/OK/Great Plains refiners). Chicago wholesale gasoline may slip below $2/gal today. It is still profitable due to strong reported discounts on heavy Canadian crude of $25/bbl vs WTI, pricing at around $58/bbl yesterday.
• US refiner Valero said in its Q3 earnings call that it expects strong diesel cracks for this winter. Regarding diesel exports in Q3, 70% went to Latin America.
• Valero added that West Coast gasoline supplies continue to be tight, while its Q3 gasoline exports were sent mostly to Latin America. Valero’s 2024 maintenance is set to be a series of small projects, according to Bloomberg.
• USD: Firmer US growth data and struggling equity indices have underpinned further greenback strength on Thursday. With currency volatility low throughout the US session, the USD index stands just 0.15% in the green ahead of the APAC crossover.
• Real GDP came in stronger than expected in the Q3 advance release at 4.88% annualized, somewhere between consensus at 4.5 and the Atlanta Fed GDPNow at 5.4, after the 2.06% annualized in Q2.
• US Jobless claims were up 10k to 210k in the week to Oct. 21, while previous jobless claims for the week to Oct. 14 were revised to 200k.
• Congress is facing two White House supplemental funding requests: A USD$106 billion national security package which includes funds for Ukraine, Israel, Taiwan, and the US-Mexico border. And a USD$56 billion package for “critical domestic needs,” including social programs and disaster relief.