MARKETWIRE ALERTS

MARKETWIRE ALERTS 

MarketWire Afternoon News May 5th:

Updated at 5:00 PM ET 

HEADLINES:

— API: Crude Stocks DN 8.14M Bbl; Distillates, Gasoline Drop

— Chicago CBOB Basis Drops Further from 2026 High

— LA Jet Fuel Basis Climbs 15cts to 60cts on 5/5

— Valero Corpus Christi Refinery Reports Tank Farm Spill

— Energy Transfer Transports Record Crude, NGL Volumes in Q1

— EIA: U.S. Diesel Up 28.9cts on Week, Ends 3-Week Slide

— EIA: U.S. Gasoline Jumps 32.9cts, Hits Nearly 4-Year High

— Sunoco Q1 Net Income Triples With TanQuid, Parkland Deals

— U.S. Trade Deficit Rose in March Despite Oil Export Surge

NEWS:

API: Crude Stocks DN 8.14M Bbl; Distillates, Gasoline Drop

The American Petroleum Institute (API) cited an 8.41-million bbl decline in commercial crude stocks for last week, adding to the prior weekly decline of 1.79 million bbl, energy market participants who saw the latest API data told DTN on Tuesday (5/5).

The Cushing, Oklahoma delivery point for NYMEX WTI futures, saw a deficit of 1.0 million bbl during the week ended May 1, in line with the broader inventory slide in crude stocks.

Gasoline balances fell by 6.1 million bbl last week, after an 8.47-million bbl slide the week before.

Distillate fuel supply slumped by 4.6 million bbl, deepening the previous week’s decline of 2.6 million bbl.

Chicago CBOB Basis Drops Further from 2026 High

Chicago CBOB basis fell by 7 cents Tuesday (5/5), sliding further from last week’s 2026 high, in shifting market conditions.

CBOB for West Shore delivery was assessed at a 11cts premium to June NYMEX RBOB futures, versus 18cts in the prior session.

On April 29, the Chicago CBOB basis was at 44cts, its highest for the year, after the U.S. Energy Information Administration reported Midwest (PADD 2) gasoline inventories at a more than four-month low during the week ended April 24.

The EIA is scheduled to report tomorrow (5/6) its latest weekly reading for gasoline stocks, for the week ended May 1.

LA Jet Fuel Basis Climbs 15cts to 60cts on 5/5

The basis for prompt Los Angeles jet fuel strengthened Tuesday (5/5), rising by 15cts to a 60cts premium above June NYMEX ULSD futures, rebounding from Monday’s 45cts premium as the market regained some ground after last week’s sharp pullback.
The increase follows a steady decline that dragged the basis down from a record $1.10 gallon premium in late April, with values falling to 60cts on Friday (5/1) and then further to 45cts on Monday (5/4) before Tuesday’s recovery.
Los Angeles diesel was last seen near a 13ct premium to NYMEX ULSD futures, holding below prior highs as middle distillate strength remains mixed.
Traders continue to point to constrained West Coast refining capacity as the underlying driver, with the shutdown of Phillips 66’s 139,000 bpd Los Angeles refinery and the ongoing idling of Valero’s 145,000 bpd Benicia refinery tightening supply across the region.

Valero Corpus Christi Refinery Reports Tank Farm Spill

Valero Energy Corporation, via Valero Refining-Texas reported an emissions event at its 125,000 bpd Corpus Christi Refinery East Plant in Corpus Christi, according to a filing with the Texas Commission on Environmental Quality.

The incident took place Monday (5/4) between 1:45 p.m. and 5:00 p.m. CT, with a duration of roughly 3 hours and 15 minutes, according to the filling.

The emission vent stemmed from a loss of containment at the Complex 7 tank farm after a roof drain failure on a crude storage tank led to a spill exceeding reportable quantities. Emissions were estimated at about 14 pounds of benzene, 444 pounds of heptanes, and 120 pounds of nonanes.

Based on the report, crews isolated the affected drain, recovered spilled material using vacuum trucks, and plan to remove impacted soil for proper disposal. An investigation into the cause is ongoing.

Corpus Christi Refinery East Plant is a key U.S. Gulf Coast asset, processing sour crude oil to produce asphalt and light products. 

Valero was contacted for further comment, but no response was received by publication time.

Energy Transfer Transports Record Crude, NGL Volumes in Q1

Pipeline operator Energy Transfer reported Tuesday (5/5) it carried a record amount of crude oil, refined product and natural gas liquids (NGL) in the first quarter of 2026, resulting in a 20% rise in adjusted earnings before interest, taxes, depreciation and amortization (EBITDA).

• Crude transportation volume reached a record 7.3 million bpd in the first quarter of 2026, an 8% increase over the 6.7 million bpd reported in the first quarter of 2025. 
• NGL transportation volume rose to 2.4 million bpd from 2.2 million bpd a year ago while refined product volume rose to 587,000 bpd from a prior 574,000 bpd.
• Adjusted EBITDA for the first quarter of 2026 was $4.94 billion, compared with $4.10 billion in the year-ago period.
• The 20% year-on-year earnings growth was driven by record throughput in NGL and refined products segments and higher fee-based margins from increased export activity. Operational gains were supported by the debottlenecking of the Gateway NGL Pipeline and higher volumes delivered from the Delaware Basin.
• Energy Transfer is continuing construction on a 3 million bbl ethane storage cavern to expand its midstream capacity and meet growing petrochemical demand.
• The partnership raised its full-year 2026 adjusted EBITDA guidance to a range of $18.2 billion to $18.6 billion following the record volume deliveries in the first quarter.

EIA: U.S. Diesel Up 28.9cts on Week, Ends 3-Week Slide

The national average for retail regular gasoline increased sharply in the week ended May 4, with gains recorded across all major regions, data from the U.S. Energy Information Administration showed Tuesday (5/5).
The U.S. average for regular gasoline climbed by 32.9cts to $4.452 gallon last week, the highest level since July 11, when it was at $4.64 gallon, the EIA’s weekly update on fuel pricing showed. This was also above the $1.305 gallon recorded nationwide in the same week last year.
East Coast (PADD 1) gasoline increased by 29.3cts to $4.251 gallon in the week ended May 4, while standing $1.253 higher than the same period last year.
Within the East Coast, New England (PADD 1A) increased by 29.1cts to $4.378 gallon week-over-week, standing $1.419 above the same week of 2025.
Central Atlantic (PADD 1B) gasoline prices climbed by 28.9cts to $4.420 gallon last week, $1.307 higher than the same week last year.
Lower Atlantic (PADD 1C) gasoline prices increased by 29.6cts to $4.113 gallon in the profiled week, $1.178 above year-ago levels.
Midwest (PADD 2) prices climbed by 51.5cts to $4.399 gallon last week, standing $1.372 higher compared to the same period last year.
Prices for the same product at the Gulf Coast (PADD 3) increased by 22.7cts to $3.902 gallon, $1.180 higher than last year.
Rocky Mountain (PADD 4) gasoline grew by 34.3cts to $4.359 gallon, $1.241 above the same week last year.
West Coast (PADD 5) gasoline prices spiked by 17.1cts to $5.583 gallon, $1.427 higher than the corresponding week of last year.
Gasoline prices at West Coast less California increased by 16.8cts to $5.135 gallon, standing $1.414 above year-ago levels.

EIA: U.S. Gasoline Jumps 32.9cts, Hits Nearly 4-Year High

The national average for retail regular gasoline increased sharply in the week ended May 4, with gains recorded across all major regions, data from the U.S. Energy Information Administration showed Tuesday (5/5).
The U.S. average for regular gasoline climbed by 32.9cts to $4.452 gallon last week, the highest level since July 11, when it was at $4.64 gallon, the EIA’s weekly update on fuel pricing showed. This was also above the $1.305 gallon recorded nationwide in the same week last year.
East Coast (PADD 1) gasoline increased by 29.3cts to $4.251 gallon in the week ended May 4, while standing $1.253 higher than the same period last year.
Within the East Coast, New England (PADD 1A) increased by 29.1cts to $4.378 gallon week-over-week, standing $1.419 above the same week of 2025.
Central Atlantic (PADD 1B) gasoline prices climbed by 28.9cts to $4.420 gallon last week, $1.307 higher than the same week last year.
Lower Atlantic (PADD 1C) gasoline prices increased by 29.6cts to $4.113 gallon in the profiled week, $1.178 above year-ago levels.
Midwest (PADD 2) prices climbed by 51.5cts to $4.399 gallon last week, standing $1.372 higher compared to the same period last year.
Prices for the same product at the Gulf Coast (PADD 3) increased by 22.7cts to $3.902 gallon, $1.180 higher than last year.
Rocky Mountain (PADD 4) gasoline grew by 34.3cts to $4.359 gallon, $1.241 above the same week last year.
West Coast (PADD 5) gasoline prices spiked by 17.1cts to $5.583 gallon, $1.427 higher than the corresponding week of last year.
Gasoline prices at West Coast less California increased by 16.8cts to $5.135 gallon, standing $1.414 above year-ago levels.

Sunoco Q1 Net Income Triples With TanQuid, Parkland Deals

Sunoco reported Tuesday (5/5) that net income jumped more than 200% year-on-year in first quarter net income, supported by its acquisition of petroleum liquids storage operator TanQuid and fuel distributor Parkland.

• Net income was at $644 million in the first quarter of 2026 versus $97 million in the fourth quarter of 2025 and $207 million in the year-ago quarter.
• Fuel distribution segment income rose 140% during the first quarter of 2026 compared to the prior year, supported by its recent acquisition of German petroleum liquids storage operator TanQuid and the continued integration of the assets of Canadian-based fuel distributor Parkland.
• Fuel margin for all gallons sold was 17.0cts gallon for the quarter in reference, versus 10.6cts in the year-ago quarter.
• Sunoco’s adjusted EBITDA rose to $858 million in the first quarter, from $458 million in the first quarter of 2025. Fuel sales for the period reached 3.8 billion gallons.

U.S. Trade Deficit Rose in March Despite Oil Export Surge

The U.S. trade deficit edged higher in March as the goods and services deficit grew faster than the services surplus, Commerce Department and U.S. Census Bureau data showed Tuesday (5/5).

The U.S. goods and services deficit stood at $60.3 billion in March, up by $2.5 billion, or 4.4%, from a revised $57.8 billion in February, the Bureau of Economic Analysis, a unit within the Commerce Department, said in statement.

The increase came as the services surplus grew by $1.6 billion to $28.4 while the goods deficit expanded by $4.1 billion month-on-month to $88.7 billion.

In March, U.S. goods imports increased $10.6 billion month-on-month to $302.2 billion, while exports rose $6.5 to $213.5 billion, the BEA release showed. Petroleum exports accounted for most of the increase. Crude oil, fuel oil and other petroleum product exports were up a combined $6.1 billion month-on-month.