MARKETWIRE ALERTS

MARKETWIRE ALERTS 

MarketWire Afternoon News April 6th:

Updated at 5:00 PM ET 

HEADLINES:

— ChargePoint, South Coast AQMD Deploy Southern CA EV Hubs

— XCharge, JOJO Superfast Launch Illinois EV Charging Hubs

— Midwest ULSD Basis Climbs to 1-Month High

— BTS: February U.S. Airline Fuel Costs Down 6.2% From Jan.

— Illinois: Year-Round E15 Vital for Corn Farmers

— EIA: 2025 Middle East Crude Imports at 8% of U.S. Inflow

— U.S. Rack ULSD Up 33.5cts; Gasoline Jumps 24.9cts

NEWS:

ChargePoint, South Coast AQMD Deploy Southern CA EV Hubs

ChargePoint and the South Coast Air Quality Management District (South Coast AQMD) announced that they jointly have enabled over 90 charging ports across Southern California.

The project replaced outdated hardware with 55 Level 2 ChargePoint units, capable of serving 94 vehicles simultaneously, the two entities said in a media release on Wednesday (4/1).

XCharge, JOJO Superfast Launch Illinois EV Charging Hubs

XCharge North America and JOJO Superfast EV Charging  are teaming up to launch a high-power electric vehicle charging network across Illinois.

The collaboration aims to provide 800kW of ultra-fast charging capacity at nine initial locations in the state, primarily situated at Menards home improvement stores, the companies announced in a joint media release on Friday (4/3).

The project features XCharge’s C6 Smart DC Fast Chargers, which offer eight ports per site to enhance accessibility for regional drivers.

JOJO Superfast said the network addresses range anxiety by placing high-speed infrastructure in high-traffic retail corridors. XCharge North America will manage the project from concept to completion, providing turnkey solutions for the new Midwest charging hubs. The partnership utilizes state and utility incentives to accelerate the transition to clean energy.

Midwest ULSD Basis Climbs to 1-Month High

Midwest ultra-low sulfur diesel (ULSD) basis strengthened Monday (4/6) hitting a one-month high, as regional cash markets moved higher alongside continued distillate strength across pipeline systems.

Chicago ULSD basis strengthened by 25cts on the session to a 10cts discount to May NYMEX ULSD futures, while the same product moving through the Buckeye Complex and the Wolverine pipeline climbed 34cts to a 10cts discount, according to DTN Energy data. In the Group 3 market, ULSD, commonly referred to as “X,” strengthened by 5.50cts to a 54.50cts discount.

The move marks the strongest level for Chicago, Buckeye and Wolverine since March 2, when basis traded at a 7cts discount, while Group 3 reached its firmest level since March 11, when it was assessed at a 50.50cts discount.

“Fundamentals in the region are still relatively healthy, but this looks more like a spillover from the strength we’ve seen in jet,” a source familiar with Midwest refined product trading said. “It was only a matter of time before that strength started to carry into ULSD as the distillate complex reprices higher.”

In the futures market, front-month ULSD retraced on the session, although the market structure remained firmly backwardated, with the May contract holding a premium of more than 36cts over June, reinforcing tight prompt supply conditions across the distillate complex.

The move higher across Midwest pipelines reflects cash markets aligning with broader distillate strength, with tighter prompt supply and recent strength in jet fuel continuing to support ULSD pricing.

BTS: February U.S. Airline Fuel Costs Down 6.2% From Jan.

U.S. airlines consumed 1.352 billion gallons of aviation fuel in February 2026, a 6.2% decline from January, according to data released Monday (4/6) by the Bureau of Transportation Statistics (BTS).

The reduction in volume helped drive total fuel expenditure down 4.7% to $3.23 billion for the month, despite a 1.6% rise in the average cost per gallon.

February’s cost per gallon rose to $2.39 from $2.35 in January, though prices remained 2.3% lower than the $2.45 per gallon average recorded in February 2025.

Year-over-year consumption also showed a slight decline of 0.5% compared to the 1.358 billion gallons used during the same period last year, BTS reported.

Fuel remains one of the single largest operating costs for U.S. airlines, routinely accounting for 20% to 25% of total expenses across the domestic industry.

The BTS data covers scheduled service only and reflects fuel paid for by the carrier, with figures reported in current dollars and subject to future revision.

Illinois: Year-Round E15 Vital for Corn Farmers

The state of Illinois has urged Congressional leaders to pass legislation to permanently allow year-round sales of E15, the gasoline with 15% ethanol blend, citing Midwest farmers’ need for long-term economic certainty.

In a letter to the House of Representatives and Senate on Thursday (4/2), Illinois Governor JB Pritzker stressed that while the Trump administration’s recent resolution allowing the E15 to be used as a summer fuel was welcome, that fix fell short of the stability required for the agricultural investments needed to produce adequate ethanol for the blend.

“Illinois farmers need dependable, long-term policies they can count on, not short-term fixes,” Jerry Costello II, director of the Illinois Department of Agriculture, said in a media release accompanying Pritzker’s letter to Congress. “Making E15 available year-round would increase the demand for Illinois corn, keeping the nation’s energy dollars in the Midwest and reducing our reliance on foreign oil.

The push comes amid soaring gasoline prices at U.S. pumps brought about by global oil supply disruptions triggered by the war in Iran. Pump prices rose nearly $1 over the past month, leaving the national average at just below $4 gallon by end-March.

Allowing the 15% ethanol blend to be sold throughout the year – instead of just the summer – would broaden domestic U.S. sales of corn and also offset losses from shrinking export markets for the commodity.

EIA: 2025 Middle East Crude Imports at 8% of U.S. Inflow

Middle East crude imports accounted for just 8% of total U.S. oil inflows for last year, although refinery disruptions expose a critical vulnerability in the nation’s energy supply chain, an analysis issued Monday (4/6) by the Energy Information Administration (EIA) showed.

The United States imported an average of 490,000 bpd from the Middle East Gulf in 2025, including Iraq, Saudi Arabia, and the UAE, the EIA said in the analysis. Separately, the agency’s Short-Term Energy Outlook published on March 10 showed total U.S. oil supply averaged 20 million bpd last year, including imports from all regions.

The EIA’s annual petroleum data showed Middle East imports alone averaging 561,000 bpd in 2024, putting last year’s volume from the region down 13% year-on-year.

The 8% supply from the Middle East came amid disruption to inflows of medium sour crude, the workhorse grade for refineries along the U.S. West and Gulf Coasts. Nearly 88% of Middle East Gulf imports carry that designation — grades that domestic light sweet production simply cannot replace.

The supply squeeze has already moved markets. In March, Mars crude — a medium sour benchmark — has flipped to a $1-per-barrel premium over Light Louisiana Sweet, reversing its typical discount.

Also last month, the Trump administration authorized a release from the Strategic Petroleum Reserve, targeting medium sour volumes to stabilize refinery supply chains. President Trump authorized the Department of Energy to release 172 million bbl from the Strategic Petroleum Reserve, a drawdown expected to take approximately 120 days to deliver based on planned discharge rates.

At the end of 2025, the SPR held 415.6 million barrels, according to the EIA’s Weekly Petroleum Status Report for the week ended December 27. That SPR holding is equivalent to roughly 125 days of U.S. crude oil net imports, providing a substantial buffer as officials monitor conditions in the Middle East.

U.S. Rack ULSD Up 33.5cts; Gasoline Jumps 24.9cts

Wholesale rack prices for ultra-low sulfur diesel (ULSD) and gasoline moved sharply higher Monday (4/6), following Thursday’s mixed session, as physical markets strengthened after the long weekend despite softer futures tied to shifting geopolitical expectations in the Iran war.

Nationwide ULSD rack prices averaged $4.4883 gallon, up 33.54cts from Thursday’s $4.1529 gallon, according to DTN data. Conventional unleaded gasoline rack prices averaged $3.4119 gallon, up 24.96cts from $3.1623 gallon.

Futures prices moved lower on Monday morning. Front-month May NYMEX ULSD futures declined 1.41cts to $4.3470 gallon, while May RBOB gasoline futures fell 4.33cts to $3.2427 gallon. WTI crude for May delivery slipped $0.09 to $111.45 bbl.

Futures softened as markets weighed the possibility of a near-term easing in tensions. While Trump administration warned of further escalation if Iran does not reopen the Strait of Hormuz, reports that some international tankers have been allowed to transit the waterway provided some relief to supply concerns. That combination has eased immediate pressure in futures without fully removing risk from the market.

Despite the softer tone in futures, rack prices moved higher across all regions, reflecting a stronger physical response following last week’s volatility and ongoing constraints tied to global supply flows.

ULSD racks increased across all regions Monday, with the largest moves in PADD 3 and PADD 1. Gulf Coast ULSD rose 36.49cts to $4.5388 gallon, while East Coast prices increased 34.43cts to $4.6302 gallon. Midwest ULSD climbed 33.03cts to $4.1558 gallon, while West Coast values rose 29.65cts to $5.6489 gallon, maintaining the strongest regional premium. PADD 4 posted the smallest increase, up 22.22cts to $4.1439 gallon.

Relative to the national ULSD rack average of $4.4883 gallon, PADD 5 held the widest premium at $1.1606 above the U.S. benchmark, followed by PADD 1 at 14.19cts above and PADD 3 at 5.05cts above. PADD 4 and PADD 2 traded below the national average, with the Midwest holding the deepest discount at 33.25cts below the benchmark.

On conventional unleaded gasoline racks, all regions moved higher Monday. PADD 4 recorded the largest increase, rising 21.97cts to $3.1223 gallon. Midwest gasoline climbed 19.20cts to $2.8862 gallon, while Gulf Coast prices rose 18.92cts to $3.1577 gallon. East Coast values increased 15.88cts to $3.1657 gallon, and West Coast gasoline rose 18.58cts to $4.0262 gallon, holding the strongest premium.

Compared with the national gasoline average of $3.4119 gallon, PADD 5 remained the only region trading at a premium, at 61.43cts above the benchmark. All other regions held discounts, led by PADD 2 at 52.57cts below the national average, followed by PADD 4 at 28.96cts, PADD 3 at 25.42cts, and PADD 1 at 24.62cts.

Premium gasoline rack prices increased across all regions, broadly in line with conventional gasoline. West Coast premiums remained elevated at $4.4274 gallon, while Gulf Coast and East Coast markets also posted notable increases.

The move higher in rack prices despite softer futures reflects how physical markets continue to price in tighter near-term supply conditions, while futures react more quickly to incremental shifts in geopolitical expectations. That tightness is also evident in structure, with both RBOB and ULSD futures holding steep backwardation, as front-month contracts continue to trade at premiums of more than 13cts and 38cts, respectively, reinforcing signals of strong prompt demand and immediate supply needs across the refined products complex.