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High gasoline inventories help drive U.S. refining margins to five-year lows
Flattening year-over-year growth in gasoline demand in the United States, combined with high levels of refinery output, have contributed to low or negative motor gasoline refining margins for refiners along the East and Gulf Coasts. Gasoline refining margins—the difference between the spot price of gasoline and the Brent crude oil spot price—have been on a downward trend since August, and these margins have been at some of their lowest October and November levels in the past five years. At the same time, strong growth in distillate demand has driven increased distillate prices and refining margins.

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