Diesel is near a month high at $5.454 while gasoline falls to $2.995

Diesel is doing the opposite of gasoline right now, and if you sell both, that split is the number to price against. Wholesale diesel is $5.454, up 6.2 percent over the past 30 days and sitting at the 91 percent mark of its month range. Gasoline went the other way. RBOB is $2.995, down 11.8 percent, and it is near the bottom of its own range at the 24 percent mark. So the barrel of crude is roughly flat, WTI at $85.42 and off 4.4 percent, but the two products underneath it pulled apart by about 18 points over the month.

That pull-apart shows up in the refiner's take. The 3:2:1 crack spread is $58.57, down $5.73 over the past 30 days, so refiner margin narrowed even with diesel climbing, because gasoline dropped harder than diesel rose. Your own street diesel margin held. The retail-wholesale diesel spread is $1.017, up two-tenths of a cent over the month, close enough to flat that the pump has been tracking cost up rather than stretching or shrinking.

The other standout is natural gas storage, now 107.013 and at the very top of its 30-day range, up 7.3 percent. That is a full tank heading into the back half of the injection season, which tends to keep gas cheap and does nothing to help diesel come down.

Watch whether gasoline finds a floor here. RBOB this low in its range could firm up on any refinery hiccup or a late-summer demand bump, and if it does the crack spread may widen back out and give refiners some room they lost this month.