MARKETWIRE ALERTS

MARKETWIRE ALERTS 

MarketWire Afternoon News April 1st:

Updated at 5:00 PM ET 

HEADLINES:

— Chicago Jet Fuel Basis Above 3-Year High

— Analysis-E15 Seen as Price Relief, Buffer to USWC Gasoline

— Analysis: U.S. Product Exports Set New Record, EIA Says

— EIA: PADD 3 Gasoline Stocks Rise; Distillate, Jet Fuel Slide

— EIA: PADD 2 Gasoline, Distillate Fuel Oil Stocks Drop

— EIA: Crude Stocks Up 6th Straight Week, Hit Near 3-Year High

— EIA: PADD 1 Gasoline Stocks Hit Lowest Level of 2026

— EIA: PADD 5 Gasoline Stocks Rebound After Weeks of Decline

— EIA: U.S. Ethanol Inventories Drop, Down 2.3% on Yr

— EIA: Propane/Propylene Inventories Rise, Up 74.5% Y-o-Y

— ISM: U.S. Manufacturing Grows in March, PMI at 52.7

— U.S. Rack ULSD Down 9.60cts; Gasoline Slips 4.35cts

NEWS:

Chicago Jet Fuel Basis Above 3-Year High

Chicago jet fuel basis extended its rally Wednesday (4/1), climbing 6cts to a $1.05 premium against May NYMEX ULSD futures, the highest in more than three years, as tightening distillate fundamentals and persistent strength in Gulf Coast fuels continued to pull Midwest values higher.

Jet fuel basis in Chicago was last heard at a $1.05 premium to front-month ULSD futures in latest trade, up from a 99cts premium the prior session. It was the highest difference since January 24, 2023, when it was assessed at a $1.15 premium, according to DTN Energy data.

“Liquidity has been thinner in Group 3, so it lagged the move in Chicago,” a source familiar with Midwest refined product trading said. “But today it finally caught up with the broader strength in jet as demand stays elevated. If this keeps going, you could see Group 3 tighten toward a 10cts discount by the end of the week.”

Group 3 jet fuel followed the move higher, trading at a 25cts discount to ULSD futures, narrowing sharply after a 49cts move on the session and marking its strongest level since March 10.

Front-month ULSD futures remained supported by a strong backwardated structure, with the prompt contract holding a 33.50cts premium to the second month, reinforcing tight near-term supply conditions.

While distillate crack spreads have eased from recent highs above $90 bbl, they remain above $70 bbl, continuing to signal strength across the distillate complex.

Chicago’s stronger basis reflects ongoing competition with Gulf Coast markets, where barrels remain priced against export economics, forcing inland buyers to raise bids to secure supply and keep pace with broader distillate strength.

Analysis-E15 Seen as Price Relief, Buffer to USWC Gasoline

The push to expand sales of the E15 gasoline at 20cts gallon less than regular gasoline is gaining attention on the West Coast as traders weigh how lower prices and higher blending capacity could alleviate the region’s tight fuel supplies made worse by the war in Iran.

Global crude markets have remained volatile in recent weeks as the conflict continued to raise concerns about disruptions to Middle East oil flows. While the U.S. imports limited volumes of crude directly from the region, traders said broader risk premium from the war has boosted gasoline prices nationwide. The impact has also been felt more acutely on the West Coast – the destination for most Middle East crude shipments to the U.S. and where refinery capacity has steadily declined.

The incentive for nationwide E15 adoption this summer was bolstered by the Environmental Protection Agency’s (EPA’s) issuance of an emergency waiver on March 25 that allows the 15% ethanol blend to bypass strict summer vaporization standards. The EPA cited the Middle East conflict as reason after U.S. pump prices for gasoline rose nearly $1 over the past month. For the week ended March 30, the national average stood at just beneath $4 gallon. In California, gasoline averaged $5.33 gallon, while in some Los Angeles areas it has gone above $8.

In expanding E15 sales, California could also take a page from Iowa’s playbook.

Sales of the ethanol blend surged 60% in Iowa last year, topping 410 million gallons. At an average savings of 15cts gallon, drivers in the state reportedly saved an estimated total of $61.5 million. California, which consumes up to 13.5 billion gallons of gasoline per annum, is expecting to save some $2.7 billion from E15 discounted at 20cts to E10.

Refining Relief

Wider availability of the E15 could provide some relief to the West Coast’s refining system.

Recent strength in distillate markets shows the region’s fragile supply balance.

Pacific Northwest and San Francsico ULSD basis values surged to multi month highs on March 31 amid firm demand and tightening supply after the late 2025 closure of Phillips 66’s Wilmington refinery and the impending shutdown of Valero’s Benicia facility.

Thinner West Coast refining capacity has reduced system flexibility, leaving regional fuel markets more exposed to outages and global supply shocks, market observers said.
“The tight supply of fuel in California means the entry of E15 could matter more here than in other markets,” said Mark Jacobsen, an economist at the University of California San Diego. “Not only will E15 be cheaper because of the low cost of ethanol, it could also relieve local supply constraints in the state and region, putting downward pressure on the price of our existing E10 blends.” E10 is regular gasoline with 10% ethanol.

Not Painless Gain

Traders said gasoline prices remain elevated by historical standards, underscoring how structurally tighter the West Coast fuel system has become since the 2020 Covid-19 pandemic that disrupted global supply chains.

DTN pricing data show Los Angeles CARBOB regular wholesale gasoline averaged roughly $1.70 to $1.80 gallon in 2025, down from about $1.95 to $2.00 gallon in 2024. This year, as of early March, it was at $3.03 gallon.

Switching to the E15 will, however, not be a painless gain. Ethanol delivers less combustion than gasoline derived entirely of fossil fuels. More ethanol in the E15 means less fuel efficiency and more fill-ups for drivers. Paul Ronney, a professor at the University of Southern California, says a vehicle that gets 30 miles/gallon on E10 would average roughly 29.5 miles per gallon on E15.

Analysis: U.S. Product Exports Set New Record, EIA Says

U.S. refined product exports last week soared to the highest on record, Energy Information Administration data published Wednesday (4/1) revealed. International demand for U.S. petroleum products has picked up measurably as refiners and consumers worldwide scramble to replace shut-in Middle East supply and reduced Asian production.

Total product exports in the week ending March 27 increased just over 300,000 bpd from the previous week’s three-month high 7.6 million bpd, on the back of soaring distillate fuel oil exports that clocked in at more than 1.4 million bpd. Over the past four weeks, U.S. product exports averaged 7.36 million bpd, up 14% year-on-year.

The now month-long de facto closure of the Strait of Hormuz has not only shut in some 5 million bpd of refined products, mostly in the form of middle distillates like diesel and jet fuel, but also forced refiners dependent on Middle Eastern crude to throttle production as oil flows from the Persian Gulf to Asia ebbed to a trickle. China, a main fuel supplier to countries in East Asia, is likely to extend its ban on refined fuel exports, in place since March 12, into April.

A tight global distillate market and high margins have incentivized domestic refiners to maximize operations since the second half of last year. Despite losing refining capacity, net crude inputs have since then consistently hovered around 4% above year-ago levels.

The current crisis is set to exacerbate this trend. While input costs for U.S. refiners have increased amid soaring prices, the rise was much more muted than for refiners in Europe and Asia. Domestic fuel producers can rely on relatively cheap homemade natural gas for the energy-intensive desulfurization process required for diesel and other middle distillates, and crude oil prices on U.S. spot markets have ballooned by less than the international average.

Given a similar phenomenon taking place in fuels prices, this widening arbitrage window is likely to draw more refined barrels from the U.S. to Europe and Asia. The surge in freight costs for clean tankers carrying refined U.S. products to Europe since the start of the U.S.-Israeli war on Iran indicates the demand for such cargo. Clean tanker rates from the U.S. East Coast have surged 90%, while those from the U.S. Gulf Coast have more than doubled.

EIA: PADD 3 Gasoline Stocks Rise; Distillate, Jet Fuel Slide

U.S. Gulf Coast gasoline rose last week while distillate and jet fuel stocks fell, Energy Information Administration (EIA) data showed on Wednesday (4/1).

Motor gasoline inventories in the PADD 3 region rose on the week, climbing by 2.7 million bbl to 86.4 million bbl during the week ended March 27, the EIA’s Weekly Petroleum Status Report showed.

Year-on-year, gasoline stocks in the region up 3.4 million bbl higher.

PADD 3 gasoline imports rose by 62,000 bpd to 85,000 bpd last week and were 25,000 bpd higher compared with the same week of last year.

Distillate fuel oil inventories in the same region fell by 700,000 bbl to 45 million bbl during the week profiled and were 3.5 million bbl higher than the volume reported in the same period of last year.

Jet fuel stocks in the Gulf Coast fell 100,000 bbl to 14.2 million bbl and were 1.5 million bbl higher from a year ago, EIA data showed.

As a net exporter of distillates and jet fuel, PADD 3 does not report imports of those products.

Refining utilization on the Gulf Coast rose to 97.4% during the week ended March 27, from 96.7% the prior week.

Crude inventories in PADD 3 increased by 2.7 million bbl to 268.6 million bbl on the week and were 18 million bbl higher year-on-year. The total of oil imports for the Gulf rose by 4,000 bpd to 1.516 million bpd on the week and were 188,000 bpd higher from the same week last year.

EIA: PADD 2 Gasoline, Distillate Fuel Oil Stocks Drop

Midwest (PADD 2) gasoline inventories declined in the week ended March 27, extending the prior week’s draw, while distillate stocks also fell and crude oil inventories increased, according to U.S. Energy Information Administration data released Wednesday (4/1).

Motor gasoline inventories in PADD 2 fell by 1.1 million bbl to 58.4 million bbl on the week, EIA data showed, and were above the 57.6 million bbl recorded in the corresponding week last year. No motor gasoline imports were recorded last week, compared to 2,000 bpd in the prior week and 30,000 bpd imported in the same week of the prior year.

Distillate fuel oil inventories in the Midwest declined by 1.1 million bbl on the week to 29.5 million bbl and were 2.5 million bbl below the level reported in the same week of the prior year. Distillate fuel oil imports averaged 4,000 bpd, down 1,000 bpd from the prior week and below the 6,000 bpd imported in the comparable week last year.

Jet fuel inventories in PADD 2 were unchanged at 8 million bbl on the week and were in line with the volume recorded in the same week of the prior year. During the profiled week, PADD 2 jet fuel imports remained at zero bpd, unchanged week-over-week and year-over-year. The steady inventory level comes as Midwest jet fuel markets have come under pressure in recent sessions, as stronger Gulf Coast (PADD 3) pricing has pulled barrels away from the Midwest.

Crude oil inventories in PADD 2 increased by 1.5 million bbl to 114 million bbl during the reference week and were 5.4 million bbl above volumes recorded in the corresponding week of the prior year. Crude oil imports into the Midwest averaged 2.828 million bpd during the reference week, compared with 2.938 million bpd the prior week and 3.343 million bpd reported in the same week of the prior year.

Refinery utilization in the Midwest declined to 86.7% of operable capacity from 90% the prior week and was above the 85% recorded in the same week of the prior year, according to EIA data.

EIA: Crude Stocks Up 6th Straight Week, Hit Near 3-Year High

U.S. commercial crude oil stocks rose for a sixth consecutive in the week ended March 27 reaching the highest level in nearly three years, while gasoline and distillate inventories declined, Energy Information Administration (EIA) data showed Wednesday (4/1).

Crude stocks climbed by 5.5 million bbl to 461.7 million bbl during the profiled week, according to the EIA Weekly Petroleum Status Report. This marks the highest crude stock level for a week since June 16, 2023, when inventories stood at 463.3 million bbl. They were also 21.8 million bbl, or 5%, higher than a year ago.

Distillate fuel oil inventories fell by 2.1 million bbl to 117.8 million bbl on a weekly basis and were about 3% below year-ago levels. Jet fuel stocks fell by 300,000 bbl to 44 million bbl, while rising 1.1 million bbl or 2.6% from 2025 levels.

Total motor gasoline inventories extended their decline, falling by 500,000 bbl to 240.9 million bbl last week. Compared with the same week last year, gasoline stocks remain 1.4% above year- ago levels.

Jet fuel stocks fell by 300,000 bbl to 44 million bbl, while rising 1.1 million bbl or 2.6% from 2025 levels.

Refinery utilization decreased to 92.1% last week from 92.9% of operable capacity reported the prior week, the EIA data showed. Crude oil input into refineries averaged 16.379 million bpd during the week ended March 27, down from 16.598 million bpd a week ago.

Crude oil exports averaged 3.521 million bpd in the profiled week, an increase of 199,000 bpd from the previous week. During the week profiled, crude imports averaged 6.454 million bpd, a 10,000 bpd decrease from the 6.464 million bpd recorded last week.

Total products supplied over the last four weeks averaged 20.901 million bpd, up 3.1% from the same period a year earlier. Gasoline demand averaged 8.554 million bpd, up 0.3% from the same period last year, while distillate demand averaged 4.062 million bpd, higher by 1.2% year-over-year.

EIA: PADD 1 Gasoline Stocks Hit Lowest Level of 2026

East Coast (PADD 1) gasoline inventories dropped to the lowest level of 2026 in the week ended March 27, while jet fuel stocks declined for a second straight week, according to data released by the U.S. Energy Information Administration on Wednesday (4/1).

Motor gasoline stocks in PADD 1 fell by 2.7 million bbl to 59.5 million bbl after declining 0.6 million bbl in the previous week and were below the 60.4 million bbl reported in the same week last year. The latest level is the lowest since the start of the year, EIA data showed. Gasoline imports into the East Coast averaged 99,000 bpd, down sharply by 149,000 bpd week-over-week and below the 485,000 bpd imported in the comparable week of 2025.

Jet fuel inventories in PADD 1 decreased by 200,000 bbl to 9.9 million bbl in the week ending March 27 and were below the 10.5 million bbl recorded in the same period last year. The latest level is the lowest since early February, based on EIA data. Imports of the product into the region averaged 41,000 bpd, rebounding from zero the prior week but slightly below the 42,000 bpd imported a year earlier.

Distillate fuel oil inventories in PADD 1 increased by 700,000 bbl to 28.1 million bbl in the week ending March 27 and were above the 25.9 million bbl recorded in the same period a year earlier. Distillate fuel oil imports averaged 105,000 bpd, up 1,000 bpd from the prior week, but below the 125,000 bpd imported in the same week last year.

Refinery utilization on the East Coast declined to 91.2% from 91.9% the previous week, with crude oil inputs increasing slightly by 1,000 bpd to 829,000 bpd, EIA data showed.

Crude oil inventories on the East Coast fell by 600,000 bbl to 8.1 million bbl week-over-week and were slightly below the 8.2 million bbl reported in the same week of 2025. Crude oil imports rose by 177,000 bpd to 661,000 bpd and were well above the 271,000 bpd recorded in the comparable week last year.

EIA: PADD 5 Gasoline Stocks Rebound After Weeks of Decline

West Coast gasoline and distillate stocks showed mixed movements last week while jet fuel inventories were unchanged in the week ending March 27, Energy Information Administration data showed Wednesday (4/1).
Motor gasoline inventories in the PADD 5 region rose after weeks of decline, climbing by 600,000 bbl to 27.5 million bbl in the week ending March 27, 500,000 bbl lower than in the same week last year. PADD 5 gasoline imports grew by 148,000 bpd to 317,000 bpd and were 148,000 bpd higher than last year.
Distillate fuel oil inventories in the region slipped by 800,000 bbl to 10.9 million bbl during the week profiled and were 500,000 bbl lower than last year. Distillate imports fell by 33,000 bpd to 1,000 bpd and were 2,000 bpd lower than last year.
Jet fuel stocks on the West Coast held steady at 11 million bbl and were 100,000 bbl higher than last year. Jet fuel imports increased by 2,000 bpd to 109,000 bpd, 29,000 bpd higher than the previous year.
Crude oil inventories in PADD 5 climbed by 1.6 million bbl to 45.5 million bbl in the reference week and were 2.7 million bbl lower than last year. Crude imports dropped by 49,000 bpd to 1.059 million bpd and were 100,000 bpd lower compared with the same week last year.

Iowa E15 Sales Jump 60%, Surpass 410M Gallons

E15 sales in Iowa surged 60% in a single year, topping 410 million gallons in 2025, according to the Iowa Department of Revenue’s newly released Retailers Motor Fuel Gallons Annual Report.

At the end of 2025, nearly half of the state’s fuel stations offered E15 (gasoline blended with 15% ethanol), with the blend accounting for 27% of all gasoline sold, according to a statement released Tuesday (3/31).

 “With Iowa drivers saving an average of 15 cents per gallon by choosing E15, the cost savings equaled an estimated $61.5 million. E15 is well on its way to becoming the new normal fuel in Iowa,” said the state’s Renewable Fuels Association executive director Monte Shaw.

However, biodiesel sales fell from nearly 82 million gallons in 2024 to just under 51 million gallons in 2024.  Shaw said the decline was driven by federal policy instability, citing low Renewable Fuel Standard blend levels and unclear tax credit guidance.

Last week, the Environmental Protection Agency issued a waiver allowing nationwide summer sales of E15 gasoline.

EIA: U.S. Ethanol Inventories Drop, Down 2.3% on Yr

The Energy Information Administration reported on Wednesday (4/1) that overall ethanol production in the United States averaged 1.075 million bpd in the week ending March 27, down 41,000 bpd week-on-week and 12,000 bpd, or 1.1% higher than in the same week last year. Four-week average output at 1.103 million bpd was 32,000 bpd above the same four weeks last year.
Midwest ethanol production averaged 1.024 million bpd, down 37,000 bpd week-on-week and 14,000 bpd, or 1.4% higher than in the same week last year. Four-week average output at 1.049 million bpd was 30,000 bpd above the same four weeks last year.
Ethanol blending activity in the U.S. averaged 903,000 bpd, up 14,000 bpd week-on-week and 5,000 bpd, or 0.6% higher than in the same week last year. Four-week average blending demand at 892,000 bpd was 5,000 bpd above the same four weeks last year.
Blender inputs at the East Coast were up 5,000 bpd on the week while inputs in the Midwest were up 7,000 bpd, up 2,000 bpd on the Gulf Coast and up 1,000 bpd on the West Coast.
Domestic ethanol inventories ended the week at 25.991 million bbl, down 1.179 million bbl week-on-week and 621,000 bbl, or 2.3% lower than in the same week last year.
East Coast PADD 1 inventories ended the week at 7.973 million bbl, down 34,000 bbl week-on-week and 430,000 bbl, or 5.7% higher than in the same week last year.
Midwest PADD 2 inventories ended the week at 10.655 million bbl, down 631,000 bbl week-on-week and 361,000 bbl, or 3.3% lower than in the same week last year.
Gulf Coast PADD 3 inventories ended the week at 4.524 million bbl, down 425,000 bbl week-on-week and 692,000 bbl, or 13.3% lower than in the same week last year.
West Coast PADD 5 inventories ended the week at 2.463 million bbl, down 106,000 bbl week-on-week and 22,000 bbl, or 0.9% lower than in the same week last year.

EIA: Propane/Propylene Inventories Rise, Up 74.5% Y-o-Y

The Energy Information Administration reported on Wednesday (4/1) total domestic propane/propylene stocks of 77.026 million bbl in the week ending March 27, up 4.063 million bbl week-on-week and 32.885 million bbl, or 74.5% higher than in the same week last year.
Data show propane/propylene exports last week averaged 1.899 million bpd, up 27,000 bpd week-on-week and 313,000 bpd, or 19.7%, higher than in the same week last year.
Implied demand for propane/propylene in the United States averaged 625,000 bpd, down 538,000 bpd week-on-week and 568,000 bpd, or 47.6% lower than in the same week last year.
EIA reports domestic propane/propylene production averaged 2.987 million bpd, up 28,000 bpd week-on-week and 193,000 bpd, or 6.9% higher than in the same week last year.
East Coast PADD 1 inventories ended the week at 3.22 million bbl, up 270,000 bbl week-on-week and 363,000 bbl, or 10.1% lower than in the same week last year.
Midwest PADD 2 inventories ended the week at 14.578 million bbl, up 57,000 bbl week-on-week and 5.146 million bbl, or 54.6% higher than in the same week last year.
Gulf Coast PADD 3 inventories ended the week at 56.034 million bbl, up 3.638 million bbl week-on-week and 27.351 million bbl, or 95.4% higher than in the same week last year.
Combined inventories in the Rockies and the West Coast, PADD 4 and 5, ended the week at 3.194 million bbl, up 97,000 bbl week-on-week and 750,000 bbl, or 30.7% higher than in the same week last year.

ISM: U.S. Manufacturing Grows in March, PMI at 52.7

A key U.S. purchasing managers index released on Wednesday (4/1) showed that manufacturing activity in March expanded for the third month in a row.

The Manufacturing Purchasing Managers Index of the Institute for Supply Management (ISM) stood at 52.7 in March, in line with expectations of 52.4 – the figure recorded in February and just below the three-and-a-half year high 52.6 in January.

The three-month increase followed ten months of contraction. While manufacturing expanded at a slightly higher rate in March, it marked the only fourth reading above 50 points in 40 months.

The rise in U.S. manufacturing activity was attributed, in part, to growth in new orders and production. The new orders index edged lower from February, but stayed in expansion territory for the third month in a row. The production index rose 1.6 points from last month, indicating faster growing production, and expansion for the fifth consecutive month.

“In March, U.S. manufacturing activity remained in expansion territory, growing at a slightly faster pace than the month before. Of the five subindexes that make up the PMI, the New Orders Index indicated slower growth compared to the previous month, the Production Index grew at a faster rate, and the Employment and Inventories indexes remained in contraction.” said Susan Spence, chair of the ISM Manufacturing Business Survey Committee.

The report highlighted respondents’ comments about the impact of tariffs and the war in the Middle East. “This month also marks the first report with panelists citing the Iran war as a new impact to their business, along with ongoing uncertainty with U.S. economic policy. In March, 64 percent of comments overall were negative. Among the negative comments, about 20 percent cited tariffs and about 40 percent the war in the Middle East,” Spence added.

Respondents also noted a rapid increase in input costs. The Prices Index, in expansion territory for the last 18 months, jumped 7.8 points from February to 78.3. February’s reading was already the highest since June 2022.

The U.S. dollar index ticked higher following the release of the data, but remained down 0.48 points on the day near 99.27 against a basket of foreign currencies.

U.S. Rack ULSD Down 9.60cts; Gasoline Slips 4.35cts

Wholesale rack prices for ultra-low sulfur diesel (ULSD) and gasoline moved lower Wednesday (4/1), extending Tuesday’s softness in diesel while reversing prior strength in gasoline, as futures markets declined on shifting geopolitical signals tied to the Iran war.

Nationwide ULSD rack prices averaged $4.1364 gallon, down 9.60cts from Tuesday’s $4.2324 gallon, according to DTN data. Conventional unleaded gasoline rack prices averaged $3.2706 gallon, down 4.35cts from $3.3141 gallon. The move follows a mixed session Tuesday, when ULSD declined 6.82cts while gasoline rose 9.10cts.

Futures prices moved lower Wednesday morning. Front-month May NYMEX ULSD futures fell 4.01cts to $4.0723 gallon, while May RBOB gasoline futures declined 9.18cts to $3.1125 gallon. WTI crude for May delivery dropped $1.43 to $99.95 bbl.

Pressure in futures came after U.S. President Donald Trump indicated military operations against Iran could wind down within two to three weeks, suggesting a potential easing in conflict intensity even without a formal agreement. At the same time, the Strait of Hormuz remained effectively shut, continuing to restrict a significant share of global oil and gas flows. The combination has kept supply risk elevated while introducing uncertainty around the duration of disruptions.

ULSD racks moved lower across most regions Wednesday, with the largest declines in PADD 1 and PADD 3. East Coast ULSD fell 14.99cts to $4.3096 gallon, while Gulf Coast prices declined 12.64cts to $4.2251 gallon. West Coast values dropped 8.59cts to $5.4423 gallon, maintaining the strongest regional premium. PADD 4 decreased 5.25cts to $3.9262 gallon, while Midwest ULSD was the only region to move higher, up 2.33cts to $3.6811 gallon.

Relative to the national ULSD rack average of $4.1364 gallon, PADD 5 held the widest premium at $1.3059 above the U.S. benchmark, followed by PADD 1 at 17.32cts above and PADD 3 at 8.87cts above. PADD 4 traded below the national average, while PADD 2 remained the deepest discount at 45.53cts below the benchmark.

On conventional unleaded gasoline racks, all regions moved lower Wednesday. West Coast gasoline recorded the largest decline, falling 6.47cts to $3.9514 gallon, while Rocky Mountain prices dropped 5.59cts to $2.9889 gallon. East Coast values declined 3.51cts to $3.1044 gallon, Gulf Coast prices fell 2.65cts to $3.0812 gallon, and Midwest gasoline decreased 3.24cts to $2.7604 gallon.

Compared with the national gasoline average of $3.2706 gallon, PADD 5 remained the only region trading at a premium, at 68.08cts above the benchmark. All other regions held discounts, led by PADD 2 at 51.02cts below the national average, followed by PADD 4 at 28.17cts, PADD 3 at 18.94cts, and PADD 1 at 16.62cts.

Premium gasoline rack prices declined across all regions, broadly in line with conventional gasoline. West Coast premiums remained elevated at $4.3443 gallon despite a 6.05cts decline, while Midwest prices posted the largest drop, down 6.64cts to $3.2341 gallon.

The synchronized decline in both futures and rack prices suggests markets are reacting to shifting expectations around the duration of the conflict, even as underlying supply risks remain unresolved. Physical markets appear to be adjusting alongside futures after recent volatility, with pricing continuing to respond quickly to changes in geopolitical direction.