US weekly retail fuel prices edge lower

US retail gasoline and diesel prices fell in the latest week, in part because of the waning effects of supply chain disruptions brought on by Hurricane Ida's landfall in late August.

The average price of gasoline nationwide dropped by 1.1¢/USG to $3.165 in the week ending 13 September, the Energy Information Administration (EIA) said. Gulf coast prices decreased by 1.3¢/USG over the week to $2.813/USG, while prices in the Rocky mountain region decreased by 2.3¢/USG to $3.625 after rising to their highest mark since mid-July the previous week.

Diesel prices nationwide decreased on average over the week by 0.1¢/USG to $3.372/USG, with a 0.5¢/USG drop to $3.099/USG in US Gulf coast prices, which had reached their highest mark since the week of 5 November 2018 during the previous week.

Refineries in Louisiana continue to come back on line from Ida's 150mph (240km/h) winds and nine-foot storm surge on 29 August. Phillips 66's 250,000 b/d Alliance refinery, Shell's 250,000 b/d Norco refinery, and Valero's 215,000 b/d St Charles and 135,000 b/d Meraux refineries remain shut as of today. The storm shut more than 2mn b/d of refining capacity in Louisiana.

By Jason Metko