# US Energy Inflation Structural Weekly Brief | 2026-11-02
The full original report is in Chinese. This is an English overview, not a complete translation. Full Chinese report: https://argusx.fun/research/energy/2026-11-02/weekly/

Regime: Hidden Refined-Product Pressure. The prior distillate inventory rebound reversed, US pump diesel and national carrier fuel surcharges rose, yet a consistently sourced spot 3-2-1 refining margin eased. This is not verified broad energy reacceleration or clean energy inflation easing. US Treasury 2Y yields fell despite energy concerns, making causality ambiguous. Verify inventory rebuilding, contract-matched product cracks and actual retail/freight pass-through before changing regime.

As-of observations:
On Oct 27, Cushing WTI spot was $103.37/bbl.
On Oct 27, Gulf Coast spot 3-2-1 crack spread was $50.20/bbl.
For the week ended Oct 23, US distillate stocks were 102.8 million barrels.
For the week ended Oct 23, US refinery utilization was 92.8%.
On Oct 26, US on-highway retail diesel averaged $6.352/gallon.
Effective Oct 28, Oak Harbor LTL fuel surcharge was 54.2%.
Effective Oct 28, Oak Harbor TL fuel surcharge was 87.5%.

Sources include Reuters (Oct 23, 28, 30), EIA, Treasury, FedEx Freight, Oak Harbor, and EIA-spot-derived spread calculations listed in the Chinese original.

## Public sources

- [Reuters, Oil jumps 2% on fears of escalation (October 30, 2026)](https://www.reuters.com/business/energy/oil-rises-supply-concerns-houthis-attack-saudi-arabia-2026-10-30/)
- [Reuters, Oil prices jump on Houthi attacks (October 23, 2026)](https://www.reuters.com/business/energy/oil-little-changed-supply-concern-lingers-amid-houthi-attacks-saudi-arabia-2026-10-23/)
- [Reuters, US crude and distillate inventories fall (October 28, 2026)](https://www.reuters.com/business/energy/us-crude-stocks-distillate-inventories-fall-gasoline-stocks-rise-eia-says-2026-10-28/)
- [The Vault Report, EIA same-date spot crack-spread series (October 27)](https://thevaultreport.com/oil/crack-spread)
- [Farmbucks, November and December RBOB futures settlements (October 30)](https://farmbucks.com/futures/energy/rbob-gasoline/pricing)
- [CommodityPriceAPI, NYMEX November 2026 heating-oil final settlement](https://www.commoditypriceapi.com/tools/ho-fut-nov26/prices)
- [CommodityPriceAPI, NYMEX December 2026 heating-oil settlement](https://www.commoditypriceapi.com/tools/ho-fut-dec26/prices)
- [EIA, US retail gasoline and diesel prices](https://www.eia.gov/petroleum/gasdiesel/)
- [Oak Harbor Freight, weekly fuel surcharge schedule](https://oakh.com/page/fuelsurchargesched)
- [FedEx Freight, US fuel surcharge schedule](https://www.fedexfreight.com/en-us/support-resources/tariffs-rates-information/fuel-surcharges)
- [US Treasury, daily par yield curve, 2026](https://home.treasury.gov/resource-center/data-chart-center/interest-rates/TextView?field_tdr_date_value=2026&type=daily_treasury_yield_curve)
- [Portfolio Terminal, DXY daily close history for October 2026](https://portfolio-terminal.com/markets/us-dollar-index/october-2026)
- [EIA, October 2026 Short-Term Energy Outlook](https://www.eia.gov/outlooks/steo/report/)
- [Reuters, Oil retreats on US-Iran talks (November 2 Asia morning)](https://www.reuters.com/business/energy/oil-slips-more-than-1-talks-continue-ending-iran-war-2026-11-01/)
- [EIA, Weekly Petroleum Status Report](https://www.eia.gov/petroleum/supply/weekly/)