Energy Down, Gold Up—and Diesel Still Sets the Terms
September 16 is an energy-down, gold-up day, but diesel is giving back much less than crude. At the intraday marks, October WTI fell $3.51 to $102.32/bbl, down 3.32%, while December gold rose $59.50 to $4,392.30/oz, up 1.37%. October ULSD slipped just 3.98¢ to $5.2222/gal, down 0.76%. Those prices put the simple October heat crack near $117.01/bbl, approximately $1.84 above the previous settlement relationship and more than three times the roughly $30–35/bbl seen early this year. US distillate stocks increased 1.6 million barrels but remained 13% below their five-year average; four-week domestic product supplied fell 3.3% year on year to 3.6 million b/d. The inventory build offers relief, but the widening crack shows diesel retaining its value against crude—the relationship that matters most to renewable-fuel producers watching their fossil competition.
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