MARKETWIRE ALERTS

MARKETWIRE ALERTS 

MarketWire Afternoon News April 9th:

Updated at 5:00 PM ET 

HEADLINES:

— LA Jet Fuel Basis Jumps to 43cts

— AAR: Petroleum Carloads Up 13.3% for Week Ended April 4

— Enterprise Reports 24-Hr event at Mont Belvieu Complex

— BTS: N. American Feb. Freight TSI Rises 1.9% on Yr

— CEC: California Diesel Stocks Climb 255,000 Bbl on Week

— CEC: California Gasoline Stocks Climb 122,000 Bbl on Week

— Chevron Confirms Oil at Bandit Prospect in Gulf of America

— EIA: US NatGas Storage Reports 46 Bcf Weekly Injection

— BEA: US Q4 GDP Growth at 0.5% vs 0.7% Estimate 

— U.S. Rack ULSD Drops 63.8cts; Gasoline Falls 27.6cts

NEWS:

LA Jet Fuel Basis Jumps to 43cts

The basis for prompt Los Angeles jet fuel jumped by 22cts on Thursday  (4/9) to a 43ct premium above May NYMEX ULSD futures as higher demand for noted for the product.

It was the latest spike in the basis for LA jet fuel, which was at a premium of 21cts to ULSD on Wednesday (4/8).

The price surge for LA jet fuel comes after the recent closure of Phillips’ 139,000 bpd refinery in Los Angeles and ahead of impending shutdown of Valero’s 145,000 bpd Benicia, California refinery, which is to cease operations in late April.

AAR: Petroleum Carloads Up 13.3% for Week Ended April 4

The Association of American Railroads (AAR) reports that petroleum and petroleum product carloads totaled 10,734 during the week ended April 4, up by 13.3% from the same week a year ago.

Year-to-date, petroleum and petroleum products carloads totaled 141,773, up 7.7% from the corresponding period of the prior year, an AAR report published on Wednesday (4/8) showed.

Weekly traffic for the profiled week totaled 501,328, up 0.1% from the same week a year ago.

Total carloads for the week ended April 4 reached 229,243, up by 1.0% from the same week of last year.

Weekly intermodal volume was 272,085 containers and trailers, down 0.6% from the corresponding week of the prior year.

Year-to-date, U.S. railroads reported carloads at 2,913,351, up 3.9% on the year.

Cumulative intermodal units were 3,583,488, down 0.2% from a year ago.

Total rail traffic for the first 13 weeks of the year was 6,496,839 carloads and intermodal units, up 1.6% on the year.

Enterprise Reports 24-Hr event at Mont Belvieu Complex

Enterprise reported an air emissions event at its 1.2 million bpd Mont Belvieu Complex, after the facility’s propane dehydrogenation (PDH) unit shut down due to an instrument air pressure transmitter fault.

The event began at 9:00 a.m. on Wednesday (4/8) and ended at 9:00 a.m. on Thursday (4/9), the company said in a filing with the Texas Commission on Environmental Quality.

Emissions included carbon monoxide (2,000 lbs), nitrogen oxides (1,000 lbs), propylene (400 lbs), propane (100 lbs), ethylene (50 lbs), and sulfur dioxide (50 lbs), the filing showed.

“The PDH 1 flare is being maintained and operated to ensure vented hydrocarbons are properly combusted. Operations is working to limit flaring to the extent possible while securing and restarting the unit,” the company stated.

BTS: N. American Feb. Freight TSI Rises 1.9% on Yr

The Freight Transportation Services Index rose 1.9% year-on-year in February, marking a growth in the volume of services performed by the for-hire transportation industry, the U.S. Bureau of Transportation Statistics said Thursday (4/9).

The index showed a reading of 139.8 for the month, or 1.5% higher from January. In February 2025, it was at 137. 2, or 1.9% below current levels, BTS records.

The February advance was supported by increased volumes in air freight, rail carloads, rail intermodal, pipeline, and trucking. Waterborne freight volumes decreased during the same period.

The Passenger TSI also moved higher, rising 0.3% in February. The combined Freight and Passenger Index rose 1.1% from January and 1.6% against the prior year.

BTS noted that the Freight TSI increased alongside a 0.2% rise in the Federal Reserve Board Industrial Production Index. Manufacturing and mining both saw gains in February.

CEC: California Diesel Stocks Climb 255,000 Bbl on Week

MIAMI, FL (DTN) – California Energy Commission data show statewide diesel inventories increased in the week ending April 3, as the agency continues to report only statewide totals in its Weekly Fuels Report released on Thursday (4/9).
Statewide CARB diesel and other diesel fuel stocks climbed by 255,000 bbl to 2.781 million bbl, but remained 5% lower than last year.
Statewide diesel production fell by 16,000 bbl to 1.42 million bbl, though production was 5% lower than last year’s levels.

The California Energy Commission is currently publishing only statewide diesel inventory and production data and is no longer providing regional Northern and Southern California breakdowns.

CEC: California Gasoline Stocks Climb 122,000 Bbl on Week

California Energy Commission data show statewide gasoline inventories increased in the week ending April 3, as the agency continues to report only statewide totals in its Weekly Fuels Report released on Thursday (4/9).
Statewide gasoline stocks, including CARB reformulated, non-California, and blending components, climbed by 122,000 bbl to 9.73 million bbl, but remained 4% lower than last year.
Statewide gasoline production climbed by 218,000 bbl to 4.824 million bbl, though production remained 9% below last year’s levels.

The California Energy Commission is currently publishing only statewide gasoline inventory and production data and is no longer providing regional Northern and Southern California breakdowns.

Chevron Confirms Oil at Bandit Prospect in Gulf of America

Chevron Corp. confirmed Thursday (4/9) an oil discovery at the Bandit prospect in the Gulf of America following an announcement by operator Occidental. The exploration well is located in Green Canyon Block 680, approximately 125 miles south of the Louisiana coast, a Chevron release said.

“The well encountered high-quality, full-to-base oil-bearing Miocene sands during drilling operations,” the release said, adding that discovery partners were evaluating the results to determine next steps for appraisal and development at the deepwater site.

Bandit is operated by Occidental, which holds a 45.375 percent working interest in the block. Chevron U.S.A. Inc. holds a 37.125% interest, and Woodside Energy (Deepwater) Inc. maintains a 17.5% working interest in the block.

By using nearby equipment and pipelines, the partners can tap into the discovery to produce more economic barrels without building a new platform, the release added.

EIA: US NatGas Storage Reports 46 Bcf Weekly Injection

Energy Information Administration data released midmorning Thursday (4/9) show a 46 billion cubic feet injection into U.S. natural gas storage to 1.911 trillion cubic feet in the week ended April 03.
Natural gas in U.S. storage is 4.9% higher than last year and 4.8% above the five-year average of 1.824 Tcf.
Regionally, EIA reports the East registered a 7 Bcf injection to 277 Bcf, 5.8% less than a year ago and 10.1% lower than the five-year average.
Natural gas in storage in the Midwest increased 8 Bcf week-on-week to 358 Bcf, a 3.8% deficit compared to the same week a year ago and 10.5% lower than the five-year average.
Mountain region natural gas in storage decreased 0 Bcf, up 26.1% year-on-year to 69.1% above the five-year average.
South Central storage rose 28 Bcf to 807 Bcf, 2.8% more than in the same week last year and 1.2% below the five-year average.

BEA: US Q4 GDP Growth at 0.5% vs 0.7% Estimate  

The U.S. economy grew at an annualized rate of 0.5% in the fourth quarter of 2025, according to the Bureau of Economic Analysis’ (BEA) third and final estimate on Thursday (4/9) that missed market expectations.

This final revision is down from the 0.7% reported in the second estimate and marks a significant drop from the 4.4% growth recorded in the third quarter. Market expectation was a 0.7% growth.

The BEA noted that the 0.2 percentage point downward revision primarily reflected lower-than-expected business investment. The 43-day federal government shutdown earlier in the quarter remained a primary factor behind the tepid growth rate.

While consumer spending and business investment continued to expand during the period, these gains were largely offset by a decline in exports and drop in government spending. For the full year 2025, real GDP increased 2.1%. This figure was unchanged from the second estimate but remains lower than the 3.0% annual growth seen in 2024. The PCE price index rose 2.9% year-on-year in the fourth quarter, matching the previous estimate. Core PCE, which excludes volatile food and energy costs, held steady at 2.7% growth.

The U.S. dollar index showed minimal volatility following the release of the GDP data, trading 0.270 points lower to 98.655.

U.S. Rack ULSD Drops 63.8cts; Gasoline Falls 27.6cts

Wholesale rack prices for ultra-low sulfur diesel (ULSD) and gasoline moved sharply lower Thursday (4/9), reversing Wednesday’s increases, as physical markets reacted to the unwind of geopolitical risk after the Iran ceasefire, although futures rebounded on renewed uncertainty in the Middle East.

Nationwide ULSD rack prices averaged $4.0623 gallon, down 63.80cts from Wednesday’s $4.7003 gallon, according to DTN data. Conventional unleaded gasoline rack prices averaged $3.2125 gallon, down 27.59cts from $3.4884 gallon. Premium gasoline averaged $3.5517 gallon, down 25.31cts on the session.

Futures prices moved higher Thursday morning. Front-month May NYMEX ULSD futures rose 20.32cts to $4.0116 gallon, while May RBOB gasoline futures increased 5.61cts to $3.0620 gallon. WTI crude for May delivery climbed $5.10 to $99.49 bbl.

Futures found support as markets continued to reassess the ceasefire in Iran, with some uncertainty re-emerging after Iran accused the U.S. of not fully complying with elements of the agreement. While the truce remains in place, the tone has shifted, keeping some level of risk premium in the market as participants weigh how long the agreement will hold.

Even so, rack prices moved decisively lower across all regions, as physical markets continue to catch down following Wednesday’s sharp selloff in futures and the broader shift away from immediate supply concerns.

ULSD racks declined across all regions Thursday, with the largest drops in PADD 1 and PADD 3. East Coast ULSD fell 67.09cts to $4.0534 gallon, while Gulf Coast prices dropped 65.71cts to $3.9979 gallon. Midwest values declined 61.73cts to $3.8271 gallon, maintaining the deepest discount nationally. West Coast ULSD fell 62.80cts to $5.1456 gallon, holding the strongest regional premium, while PADD 4 posted the smallest decline, down 38.26cts to $4.0998 gallon.

Relative to the national ULSD rack average of $4.0623 gallon, PADD 5 held the widest premium at $1.0833 above the U.S. benchmark, followed by PADD 4 at 3.75cts above. All other regions traded below the national average, led by PADD 2 at a 23.52cts discount.

On conventional unleaded gasoline racks, all regions moved lower Thursday. Gulf Coast gasoline recorded the largest decline, falling 26.88cts to $2.9065 gallon, while East Coast prices dropped 26.69cts to $2.9039 gallon. Midwest gasoline declined 22.66cts to $2.6650 gallon, holding the deepest discount nationally. West Coast prices fell 24.88cts to $3.7948 gallon, maintaining the only premium position, while PADD 4 posted the smallest decline, down 17.77cts to $3.1129 gallon.

Compared with the national gasoline average of $3.2125 gallon, PADD 5 remained the only region trading at a premium, at 58.23cts above the benchmark. All other regions held discounts, led by PADD 2 at 54.75cts below the national average, followed by PADD 1 at 30.86cts, PADD 3 at 30.60cts, and PADD 4 at 9.96cts.

Premium gasoline rack prices declined across all regions, broadly in line with conventional gasoline. Midwest prices posted the largest drop, down 32.15cts to $3.2583 gallon, while West Coast premiums remained elevated at $4.1882 gallon despite a 12.97cts decline.

The sharp pullback in rack prices reflects how quickly physical markets are adjusting to the shift in sentiment following the ceasefire, even as futures begin to stabilize.

Still, demand-side support remains in place, with U.S. Energy Information Administration data released Wednesday showing distillate exports rising for a third consecutive week to 1.57 million bpd from 1.4 million bpd, gasoline shipments increasing to 880,000 bpd from 820,000 bpd, and jet fuel exports extending a five-week increase to 442,000 bpd from 280,000 bpd.

Even after the recent unwind, structure remains supportive, with ULSD backwardation holding above 27cts and RBOB near 8cts, indicating prompt supply was still relatively tight as markets continue to adjust to the latest developments around the ceasefire.