San Francisco Drivers Paying $8/gal For Diesel: AAA
San Francisco retail diesel prices marked an all-time high and became first in the country to surpass $8/gal this week, according to AAA data.
Drivers in San Francisco are paying an average of $8.001/gal on Tuesday, up from $6.219/gal a month ago and $5.2680/gal a year ago, according to AAA. The city set an all-time high of $8.03/gal on Monday.
The California average for diesel hit $7.728/gal on Tuesday, also a record high.
The nationwide average for diesel was $5.646/gal Tuesday.
The Golden State wasn’t alone in marking records, as Arizona saw its retail diesel prices reach a milestone of $6.203/gal on Tuesday. This time last month, Arizona drivers were paying $4.547/gal for diesel and last year prices were $3.567/gal, according to AAA.
Nevada drivers are spending $6.401/gal for diesel on average. Month-ago marks were $4.520/gal and year-ago levels were $3.854/gal.
Washington drivers were nearing $7/gal at an average of $6.845/gal on Tuesday, according to AAA.
At the spot market level, Los Angeles and San Francisco ULSD implied prices were $5.12/gal and $5.27/gal, respectively, at 4 p.m. ET. Barrel values for the products remain elevated at 64.50cts over NYMEX May ULSD for LA ULSD and plus 79.50cts for SF ULSD.
Pacific Northwest ULSD was bid 60cts over the NYMEX, pumping differentials 12cts higher Tuesday to plus 60.5cts for an implied price of $5.08/gal.
U.S. West Coast traders have said prior to the war in Iran, West Coast refiners were maximizing jet fuel production, limiting output of diesel, as jet fuel was pricing above diesel.
California refiners for the week ended March 27 increased CARB diesel production to 939,000 bbl, up from 745,000 bbl the week prior, according to California Energy Commission data. In-state refiner inventories of CARB diesel declined to 1.341 million bbl from the prior week’s 1.44 million bbl. Year-ago CARB diesel levels were 1.625 million bbl, according to CEC.
Reporting by Bayan Raji, braji@opisnet.com; Editing by Michael Kelly, mkelly@opisnet.com