MEMPHIS, Tenn. -- Estimates of December fuel margins by publicly owned convenience store companies show gasoline margins for the month increased 25% compared to the previous year but were down 21% from November, most likely a seasonal decline.
"Our CPG [cents-per-gallon] estimates are conservative relative to industry margins, which averages [more than] 35% year over year for the October through December period," Memphis, Tenn.-based Morgan Keegan & Co. Inc. reported in its Monthly Grab-N-Go research note for December.
"Demand fell year over year throughout the second half of 2011 and motor-fuel demand [based on EIA data] slid 4.0%, 3.5% and 4.9% year over year in October, November and December, respectively," stated the report.
National fuel margin averaged 17.0 CPG for the month of December, or approximately 3.4 CPG above the same month 2010, Morgan Keegan reported.
The investment-banking firm estimates the following margins:
- Casey's General Stores: 14.0 CPG for January 2012.
- Delek US: 13.0 CPG for December 2011.
- The Pantry: 11.8 CPG for December 2011.
- Susser Holdings: 18.0 CPG for December 2011.
- TravelCenters of America: 12.4 CPG for December 2011.
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