The Energy Information Administration (EIA) released its weekly data on diesel and gasoline retail prices for the week ended December 25th, 2017. Data was published with a one-day delay following Christmas Day. At the national level, gasoline prices rose by 2.2 cents per gallon, while diesel prices edged up by 0.2 cents per gallon. Gasoline prices rose in PADDs 2, 3 and 5, and fell in PADDs 1 and 4. Diesel retail prices rose in PADDS 1 and 2 and fell in PADDs 3, 4 and 5.

Just after the weekly retail prices were published, WTI price surged following a pipeline explosion in Libya. Prices went nearly as high as $60/b on December 27. If higher prices are sustained in the coming week, they may be reflected in next week’s retail price report. Initially, it was estimated that the Libyan outage could take 70-100 kbpd off the market for an unknown period. This morning, prices backed away from the $60/b mark upon new estimates that repairs to the pipeline will take only one week.

A drop in Libyan exports is expected to help hasten OPEC goals toward inventory reduction. It also may counteract some of the recent gains in US crude output, which rose by 9 kbpd during the week ended December 15. The EIA reported that US weekly production averaged 9789 kbpd that week.

Apparent demand rose significantly, with gasoline product supplied up by 335 kbpd and jet fuel demand up by 510 kbpd. These gains offset the 454 kbpd drop in apparent diesel consumption.

For the current week ended December 25, diesel prices rose slightly by 0.2 cents to arrive at an average price of $2.903/gallon.

PADD 1 retail diesel prices rose by 0.7 cents to $2.904/gallon. Within the PADD, New England prices rose by 1.9 cents to average $2.943/gallon. Central Atlantic diesel prices increased by 0.8 cents to reach $3.068/gallon. This submarket has had diesel prices above $3/gallon for the past seven weeks. Lower Atlantic prices increased by 0.4 cents to arrive at an average price of $2.782/gallon. PADD 1 prices were 33.1 cents/gallon above their prices for the same week last year.

In the Midwest PADD 2 market, retail diesel prices increased marginally by 0.1 cents to average $2.854/gallon. Prices were 36.5 cents/gallon above their level for the same week last year.

In the Gulf Coast PADD 3, retail diesel prices rose by 1.1 cents to average $2.708/gallon. This price was 28.7 cents higher than in the previous year.

In the Rocky Mountains PADD 4 market, retail diesel prices declined by 1.0 cents to average $2.948/gallon. PADD 4 prices were 43.2 cents higher than in the prior year.

In the West Coast PADD 5 market, retail prices fell by 1.5 cents to average $3.312/gallon. This price was 50.5 cents above its level from last year. Prices excluding California dropped by 1.8 cents to average $3.026/gallon, which was 29.9 cents above the retail price for the same week last year. California diesel prices fell by 1.3 cents to an average price of $3.539/gallon. This price was 66.8 cents higher than last year’s price. PADD 5 remains the only PADD to have diesel prices above $3 per gallon.

U.S. retail gasoline prices increased by 2.2 cents for the week ended December 25, to arrive at an average price of $2.472/gallon.

For the current week ended December 25th, East Coast PADD 1 retail prices for gasoline fell by 1.2 cents to $2.426/gallon. The average price was 11.3 cents higher than last year’s price. Prices dropped by 1.5 cents in New England to $2.510/gallon. Central Atlantic market prices declined by 1.6 cents to $2.555/gallon. Prices in the Lower Atlantic market decreased by 0.9 cents, to an average price of $2.304/gallon. This was 6.7 cents higher than last year’s average price for the same week.

In the Midwest PADD 2 market, retail gasoline prices jumped by 8.5 cents to arrive at an average price of $2.409/gallon. Gasoline pump prices were 12.9 cents higher than they were one year ago.

In the Gulf Coast PADD 3 market, gasoline prices rose by 0.6 cents to average $2.17/gallon. PADD 3 continues to have the lowest average prices among the PADDs. Prices for the week were 9.0 cents higher than for the same week in 2016.

In the Rocky Mountains PADD 4 market, gasoline pump prices decreased by 2.6 cents to average $2.45/gallon. PADD 4 prices were 27.5 cents higher than at the same time in 2016.

In the West Coast PADD 5 market, retail gasoline prices increased by 0.5 cents to average $2.966/gallon. This was 37.4 cents higher than at the same time a year ago. PADD 5 typically has the highest gasoline prices among the five PADDs, and had retail gasoline prices above $3/gallon for most of Mid-November and early December. All five PADDs now have retail prices averaging below $3/gallon, though at the State level, California prices remain above $3/gallon. Excluding California, West Coast prices dropped by 3.3 cents to an average of $2.677/gallon. This was 28.2 cents higher than at the same time in 2016. In California, prices rose by 2.7 cents, arriving at an average pump price of $3.133/gallon. California prices were 42.7 cents per gallon above their levels from last year.