MARKETWIRE ALERTS

MARKETWIRE ALERTS 

MarketWire Afternoon News April 30th:

Updated at 5:00 PM ET 

HEADLINES:

— LA Jet Fuel Basis Falls 15cts Despite Tight Supplies

— AAR: Petroleum Carloads Up 7.7% for Week Ended April 25

— West Coast Fuel Prices Set to Rise as Benicia Goes Offline

— CEC: California Gasoline Stocks Fall 237,000 Bbl on Week

— CEC: California Diesel Stocks Fall 160,000 Bbl on Week

— BF Swings to Q1 2026 Profit as Throughput, Margins Rise

— EIA: US NatGas Storage Reports 79 Bcf Weekly Injection

— Valero’s Q1 Refining Strength Drives $1.8B Operating Income

— DOE: 17.5M Bbl Released From SPR Stocks Since March

— BEA: US Q1 GDP Growth at 2.0% vs 2.3% Estimate

NEWS:

LA Jet Fuel Basis Falls 15cts Despite Tight Supplies 
The basis for prompt Los Angeles jet fuel weakened Thursday (4/30), falling by 15cts to a 75cts premium above May NYMEX ULSD futures, despite tight supplies fundamentals. The narrower basis retreated further from last week’s record highs after a brief rebound earlier in the week.

Separately,  Los Angeles diesel traded at a 13ct premium to June NYMEX ULSD futures, down by 12cts on the session, signaling easing strength across the middle distillate complex.
The latest decline follows Tuesday’s recovery that lifted jet fuel to a 95cts premium, after Los Angeles jet fuel surged to a historic $1.10 gallon premium last week before shedding 25cts at the start of the week.

Despite the pullback, values remain elevated by historical standards, underscoring persistent tightness in the West Coast market.

Jet fuel stocks in the West Coast slipped by 200,000 bbl to 10.6 million bbl last week, while imports of the same product dropped by 87,000 bpd to 43,000 bpd in the week ended April 24, according to the Energy Information Administration data released Wednesday (4/29). 

AAR: Petroleum Carloads Up 7.7% for Week Ended April 25

The Association of American Railroads (AAR) reports that petroleum and petroleum product carloads totaled 10,479 during the week ended April 25, up by 7.7% from the same week a year ago.

Year-to-date, petroleum and petroleum products carloads totaled 174,181, up 8.3% from the corresponding period of the prior year, an AAR report published on Wednesday (4/29) showed.

Weekly traffic for the profiled week totaled 511,616, up 1.9% from the same week a year ago.

Total carloads for the week ended April 25 reached 229,828, down by 1.5% from the same week of last year.

Weekly intermodal volume was 281,788 containers and trailers, up 4.9% from the corresponding week of the prior year.

Year-to-date, U.S. railroads reported carloads at 3,602,594, up 3.5% on the year.

Cumulative intermodal units were 4,414,204, up 0.2% from a year ago.

Total rail traffic for the first 16 weeks of the year was 8,016,798 carloads and intermodal units, up 1.7% on the year.

West Coast Fuel Prices Set to Rise as Benicia Goes Offline

 Valero’s scheduled end-April closure of its Benicia, California refinery will further tighten a West Coast processing system already short on fuel production and potentially add to surging prices of jet fuel and other products.

The Benicia refinery, which used to process roughly 145,000 bpd of crude, has been taken offline through a phased approach that began earlier this year. According to the company, the process started with the idling of processing units in February while inventories were worked down ahead of the full shutdown.

Valero said the idling of the Benicia facility stemmed from essential state inspections that began in February. It said gasoline output had continued to reduce inventory levels until all units were shuttered.

The timing of the shutdown is proving critical for fuel markets.

The West Coast refining system is already operating with reduced capacity following the closure of the 147,000-bpd Phillips 66 Los Angeles refinery earlier this year, leaving fewer facilities available to balance supply. As capacity has declined, prices have become increasingly sensitive to supply risks – a dynamic that has been most visible in the jet fuel market.
Los Angeles jet fuel prompt basis was jumped to a 95cts premium above May NYMEX ULSD futures, after reaching a historic $1.10 gallon premium earlier in April.

Traders have consistently pointed to shrinking refining capacity and limited replacement supply as primary drivers behind the volatility that took West Coast jet values to triple-digit territory for the first time.

With the idling at Benicia, the regional supply cushion will narrow further and reinforcing a structural shift in the West Coast fuel market. This landscape is defined by tighter supply balances and a heavier reliance on imports, raising the risk of sharp price swings for gasoline and jet fuel.

CEC: California Gasoline Stocks Fall 237,000 Bbl on Week

 California Energy Commission data show statewide gasoline inventories declined in the week ending April 24, as the agency now reports only statewide totals in its Weekly Fuels Report released on Friday.

Statewide gasoline stocks, including CARB reformulated, non-California, and blending components, slipped by 237,000 bbl to 9.551 million bbl, and stood 4.8% below last year.

Statewide gasoline production was down 227,000 bpd on the week at 4.42 million bbl and remained 27.4% below last year’s levels.

CEC: California Diesel Stocks Fall 160,000 Bbl on Week

California Energy Commission data show statewide distillate fuel inventories declined in the week ending April 24, as the agency now reports only statewide totals in its Weekly Fuels Report released on Thursday (4/30).

Statewide CARB diesel and other distillate fuel stocks slipped by 160,000 bbl to 2.478 million bbl, and stood 13.9% below last year.

Statewide diesel production decreased by 11,000 bbl to 1.323 million bbl, while production remained 9.3% below last year’s levels.

BF Swings to Q1 2026 Profit as Throughput, Margins Rise

PBF Energy announced Thursday (4/30) a net operational income of $299.6 million for the first quarter of 2026 versus a loss of $511.2 million in the year-ago period, driven by higher refining throughput and margins.

PBF also reported:

• Refinery throughput at 844,200 bpd in the first quarter of this year, above 730,400 bpd in the same quarter of 2025, with gasoline representing 46% of total throughput, followed by distillate at 34%, while feedstocks and other products accounted for the balance.
• Expected throughput in the second quarter is between 850,000 and 910,000 bpd. This comprises 290,000 to 300,000 bpd at East Coast refineries; 145,000 to 150,000 bpd in the Midcontinent; 175,000 to 185,000 bpd at Gulf Coast facilities, and 250,000 to 270,000 bpd along the West Coast.
• Renewable diesel production reached 16,700 bpd in the first quarter and is expected to average approximately 15,000 to 16,000 bpd in the second quarter.
• Gross refining margin of throughput in the first quarter was $9.53 bbl vs $5.96 year-ago period. Consolidated refining margin of throughput in the first quarter was $3.66 bbl versus a negative $6.39 bbl in the year-ago period.
• Martinez refinery units are restarting following construction after a February 2025 fire. The facility expected to reach full operational status by early May.

EIA: US NatGas Storage Reports 79 Bcf Weekly Injection

Energy Information Administration data released midmorning Thursday (4/30) show a 79 billion cubic feet injection into U.S. natural gas storage to 2.142 trillion cubic feet in the week ended April 24.

Natural gas in U.S. storage is 5.7% higher than last year and 7.7% above the five-year average of 1.989 Tcf.
Regionally, EIA reports the East registered a 23 Bcf injection to 332 Bcf, 1.8% more than a year ago and 2.9% lower than the five-year average.
Natural gas in storage in the Midwest increased 25 Bcf week-on-week to 429 Bcf, a 1.9% surplus compared to the same week a year ago and 2.3% lower than the five-year average.
Mountain region natural gas in storage increased 3 Bcf, up 17.8% year-on-year to 56.5% above the five-year average.
South Central storage rose 26 Bcf to 905 Bcf, 2.8% more than in the same week last year and 2% above the five-year average.

Valero’s Q1 Refining Strength Drives $1.8B Operating Income

Valero on Thursday (4/30) reported $1.8 billion in first quarter 2026 operating income for its refining segment, swinging from a loss during the same period last year.

Valero also reported:

• The refining segment posted an operating loss of $530 million in the first quarter of 2025. Refining throughput volumes averaged 2.9 million bpd in the first quarter of 2026.
• The renewable diesel segment reported $139 million in operating income, with sales volumes averaging 3 million gallons per day. In the first quarter of the prior year, the segment reported an operating loss of $141 million.
• The ethanol segment achieved $90 million in operating income on production volumes averaging 4.6 million gallons per day. This compares to an operating income of $20 million in the first quarter of 2025.

DOE: 17.5M Bbl Released From SPR Stocks Since March

The Department of Energy has released 17.5 million bbl of crude oil from the Strategic Petroleum Reserve between March 20 and April 24, the U.S. Energy Information Administration announced Thursday (4/30).

The drawdowns were part of a coordinated global effort to address market disruptions caused by ongoing conflict in the Middle East.

Data from the Weekly Petroleum Status Report shows 7.1 million bbl were released during the week ending April 24. This figure represents the largest weekly volume moved from the reserve since October 2022 and leaves current SPR stocks at 397.9 million bbl.

The current activity is part of a broader plan to release 172 million bbl from U.S. reserves. This initiative aligns with International Energy Agency members who have pledged to release a combined 400 million bbl of crude and refined products to address supply disruptions related to the Middle East conflict.

The releases are structured as exchanges, requiring borrowers to return the original volume plus additional premium barrels within one year. The SPR maintains an authorized capacity of 714 million bbl across four storage sites located along the Gulf Coast.

BEA: US Q1 GDP Growth at 2.0% vs 2.3% Estimate

The U.S. economy grew at an annualized rate of 2.0% in the first quarter of 2026, according to the Bureau of Economic Analysis’ (BEA) advance estimate on Thursday (4/30).

This initial reading missed market expectations of a 2.3% growth but marks a notable acceleration from the 0.5% expansion recorded in the fourth quarter. The rebound suggests the economy is regaining momentum following the disruptions caused by the federal government shutdown late last year.

The BEA reported that the increase in real GDP primarily reflected gains in private domestic purchases, consumer spending, residential fixed investment, and gross private fixed investment. These improvements were partly offset by decreases in residential and nonresidential structures.

Consumer spending remained the primary driver of growth even as inflationary pressures intensified throughout the quarter. The PCE price index rose 4.5% in the first quarter, compared with an increase of 2.9% in the fourth quarter. Core PCE, which excludes volatile food and energy costs, rose 4.3% in the first quarter, up from the 2.7% growth seen in the previous period.

The U.S. dollar index showed moderate volatility following the release of the GDP data, trading 0.527 points lower to 98.30.