MARKETWIRE ALERTS

MARKETWIRE ALERTS 

MarketWire Afternoon News for May 27^th  

Updated at 6:00 PM ET 

HEADLINES:

–SF Diesel, LA CARBOB Basis Fall on July Roll

— API: Crude Stocks See 5th Weekly Draw to Record 2.8M Bbl

— WTI Trades Below $90 on Hopes of a Ceasefire

— IEA: Global EV Sales Top 20M Despite US Decline

— EIA: U.S. Diesel Down 7.3cts on Week at $5.523 Gallon

— EIA: U.S. Retail Gasoline Average Falls 1.5cts on Week

— EIA: U.S. Energy Exports Hit Record Highs in 2025

NEWS:

SF Diesel, LA CARBOB Basis Fall on July Roll

San Francisco ultra-low sulfur diesel (ULSD) basis weakened sharply Wednesday (5/27) as the market began rolling into the July contract, amid improving supply conditions and softer demand.

The San Francisco ULSD basis fell by 21.25cts to a 40cts premium over July NYMEX ULSD futures, the move lower followed Tuesday’s (5/26) assessment at a 61.25cts premium to June NYMEX ULSD futures and marked a notable pullback from the tight-supply driven rallies seen across the U.S. West Coast earlier this spring, when refinery outages and closures pushed diesel and jet fuel premiums to multi month and record highs.
Separately, Los Angeles CARBOB gasoline basis also softened Wednesday during the transition into the July RBOB contract, with regular CARBOB trading at a 42cts premium to July NYMEX RBOB futures, down 6cts from the previous session. Los Angeles premium CARBOB moved in tandem, falling by 6cts to a 52cts premium as gasoline markets eased alongside improved inventory trends.
Even with Wednesday’s decline, West Coast distillate markets remain structurally tight following refinery disruptions, closures and planned maintenance works.

The American Petroleum Institute reported that U.S. distillate fuel oil stocks increased by 1.1 million bbl, during the week ended May 22, while gasoline inventories fell by 3.199 million bbl in the reported week, below the 5.8 million bbl decline recorded in the previous week.

API: Crude Stocks See 5th Weekly Draw to Record 2.8M Bbl

U.S. crude oil stockpiles declined for a fifth consecutive week, while gasoline inventories also moved lower and distillate fuel inventories posted a weekly increase, according to inventory data released by the American Petroleum Institute (API) on Wednesday (5/27).

U.S. commercial crude oil stocks fell by 2.8 million bbl during the week, below the 9.1 million bbl decline reported the previous week.

API reported a weekly crude inventory draw of 2.875 million bbl at the Cushing, Oklahoma, delivery point for NYMEX West Texas Intermediate futures, above the 1.4 million bbl decrease seen in the prior week.

Gasoline inventories fell by 3.199 million bbl in the reported week, below the 5.8 million bbl decline recorded in the previous week.

Last week, distillate fuel oil stocks increased by 1.1 million bbl, reversing the 1 million bbl decline seen in the prior week.

The U.S. Strategic Petroleum Reserve increased by 9.1 million bbl during the profiled week, according to the data.

The API report was released one day later than usual due to the Memorial Day holiday on Monday.

WTI Trades Below $90 on Hopes of a Ceasefire

Oil futures dropped  Wednesday (5/27) amid hopes for a ceasefire agreement between the United States and Iran that could end the dual-blockade of the Strait of Hormuz, which has been in place since March.

Late Tuesday, Iran’s navy reported that 25 commercial vessels – including two VLCCs carrying a combined 4 million bbl of crude oil – have transited the Strait of Hormuz in the past 24 hours in coordination with the country’s armed forces.

The NYMEX WTI crude futures contract for July delivery dropped $4.70 to $88.19 bbl, after hitting an intraday high of $93.89 bbl. Meanwhile, the front-month ICE Brent fell $4.82 to $94.76 bbl.

Downstream, the NYMEX ULSD futures for June delivery fell $0.1107 to $3.6039 gallon, and front-month NYMEX RBOB futures slid $0.0741 to $3.1464 gallon. 

In contrast, the US dollar index rose 0.29 points to 99.13 against a basket of foreign currencies.

Tehran on Wednesday said that negotiations remained underway despite Tuesday’s U.S. strikes, which Iran described as a breach of the ceasefire. U.S. Secretary of State Marco Rubio claimed that a peace deal was just days away. The comments fueled optimism about a gradual return of energy supply from the Middle East, weighing on prices.

Last week, however, Fatih Birol, director of the International Energy Agency (IEA), warned that commercial crude oil inventories could only cover a few more weeks of current refiner demand, and said that the global market could hit a “red zone” by July or August.

Global oil inventories have been declining at a record pace since the U.S.-Israeli war on Iran removed nearly one- fifth of the world’s petroleum liquid supply from the market since early March.

Market participants were monitoring upcoming U.S. inventory reports from the American Petroleum Institute and Energy Information Administration scheduled to be released Wednesday and Thursday, respectively, due to the Memorial Day holiday.

IEA: Global EV Sales Top 20M Despite US Decline

DAVENPORT, FL (DTN) — Global electric vehicle sales surpassed 20 million units for the first time in 2025 even as U.S. demand weakened sharply following the elimination of federal tax credits, according to the International Energy Agency reported Wednesday (5/27).

The IEA said global electric car sales reached more than 20 million units in 2025, a 20% increase from 2024 levels, representing one out of every four new cars sold worldwide. The agency estimated electric vehicles displaced roughly 1.2 million bpd of oil demand in 2025 as EV adoption accelerated across China, Europe and emerging markets.

China remained the dominant force in the global EV market, with more than 13 million units sold in 2025, accounting for six out of every 10 EVs sold worldwide and 55% of all new car sales in the country, according to the IEA.

Europe posted one of the strongest rebounds among major markets, with EV sales climbing more than 30% to 4.2 million units after weaker growth in prior years. The increase was driven by stricter European Union emissions standards, lower-priced EV models, tax incentives and increased competition from Chinese automakers, the report showed.

The United States, however, lagged behind global trends as EV sales declined slightly in 2025 to around 1.5 million units following major policy changes under the Trump administration. The IEA said U.S. electric vehicle sales fell sharply in the fourth quarter after federal EV tax credits expired in September 2025 under the One Big Beautiful Bill Act. During the fourth quarter of 2025, EV sales in the U.S. were down 45% from the same period the prior year.

Despite the slowdown, electric vehicles still accounted for roughly 10% of total U.S. auto sales in 2025, the IEA said.

The report also highlighted rapid EV adoption across emerging economies, where sales rose nearly 80% to about 1.2 million vehicles in 2025. Southeast Asia more than doubled EV sales, while Latin America posted a 75% increase led by Brazil and Mexico. India’s EV sales climbed 75% from the previous year, though electric vehicles still represented less than 4% of total passenger vehicle sales there.

The IEA said lower-cost Chinese EV exports played a major role in accelerating adoption in developing markets, particularly where high fuel prices and tax incentives improved the economics of electric vehicles.

EIA: U.S. Diesel Down 7.3cts on Week at $5.523 Gallon

DAVENPORT, FL (DTN) — The U.S. Energy Information Administration reported Wednesday (5/27) that retail diesel prices moved lower for a second consecutive week during the week ended May 25, with the national average easing 7.3cts to $5.523 gallon. Compared with the same time last year, diesel nationwide was up $2.036 gallon on average.

East Coast diesel prices fell 2.6cts to $5.394 gallon for the week ended May 25. This PADD 1 region showed a $1.839 gallon increase compared with the same period last year.

New England diesel prices decreased 0.9cts to $5.799 gallon. This PADD 1A region climbed $1.917 versus the same period last year.

The Central Atlantic witnessed a 0.9cts decrease on the week. Prices in the PADD 1B region averaged $5.810 gallon, rising $2.009 compared with the previous year.

Diesel prices in the Lower Atlantic averaged $5.201 gallon. This PADD 1C region reflects a 3.0cts decrease on the week and a $1.773 gallon rise from the same time last year.

In the Midwest, diesel prices fell 12.6cts on the week. The PADD 2 region averaged $5.623 gallon, which was $2.195 gallon higher than levels seen at the same time last year.

On the Gulf Coast, diesel fell 7.7cts on the week to $5.045 gallon. Compared with the prior year, prices in PADD 3 were up $1.909 gallon.

Rocky Mountain diesel saw a 5.6cts decrease on the week to $5.493 gallon. The PADD 4 region posted a $2.048 gallon increase compared with the same time last year.

West Coast diesel prices fell 2.4cts on the week to average $6.500 gallon. Compared with the previous year, the PADD 5 region was up $2.252 gallon.

West Coast less California diesel slipped 1.1cts on a weekly basis to $5.909 gallon. This represented a $2.146 gallon increase from the same time last year.

California diesel itself fell 4.0cts on the week to $7.182 gallon. Prices in the state remain the highest in the nation, sitting at $2.374 gallon above levels seen at the same time last year.

The EIA report was released one day later than usual due to the Memorial Day holiday Monday.

EIA: U.S. Retail Gasoline Average Falls 1.5cts on Week

MIAMI, FL (DTN) — The national average for retail regular gasoline edged lower in the week ended May 25, with mixed movements across major regions, data from the U.S. Energy Information Administration showed Wednesday (5/27).
The U.S. average for regular gasoline fell by 1.5cts to $4.475 gallon last week, standing $1.315 higher compared to the same week last year, the EIA’s weekly update on fuel pricing showed.
East Coast (PADD 1) gasoline slipped by 0.1cts to $4.304 gallon in the week ended May 25, while standing $1.309 higher than the same period last year.
Within the East Coast, New England (PADD 1A) gasoline prices fell by 3.4cts to $4.455 gallon week-over-week, standing $1.468 above the same week of 2025.
Central Atlantic (PADD 1B) gasoline prices declined by 4.1cts on a weekly basis to reach $4.486 gallon last week, $1.368 higher than the same week last year.
Lower Atlantic (PADD 1C) gasoline prices climbed by 3.1cts to $4.151 gallon in the profiled week, $1.230 above year-ago levels.
Midwest (PADD 2) prices slipped by 4.7cts to $4.352 gallon last week, $1.334 higher compared to the same period last year.
Prices for the same product at the Gulf Coast (PADD 3) increased by 3.8cts to $3.989 gallon, $1.263 higher than last year.
Rocky Mountain (PADD 4) gasoline dropped by 3cts to $4.557 gallon, standing $1.439 above year-ago levels.
West Coast (PADD 5) gasoline prices declined by 3.6cts to $5.569 gallon, $1.311 higher than the corresponding week last year.
Gasoline prices at West Coast less California fell by 2.4cts to $5.162 gallon, while remaining $1.305 above last year’s levels.

EIA: U.S. Energy Exports Hit Record Highs in 2025

HOUSTON, TX (DTN) — The United States shattered its own energy trade records in 2025, exporting a record 31 quadrillion British thermal units, 2% higher than the volume recorded in 2024, the Energy Information Administration reported Wednesday (5/27).

Imports fell by 5% to 21 quadrillion BTUs in the same period, driving net exports to a historic 11 quadrillion BTUs, which was 20% above the prior record.

Petroleum remained the backbone of U.S. energy trade, representing 63% of all exports and 83% of all imports. Export growth has been fueled by the 2016 lifting of crude oil export restrictions, expanded domestic production and infrastructure, and rising global demand, the EIA said.

European nations, which banned seaborne Russian crude in 2022 and petroleum products in 2023, turned to U.S. supply to fill the gap. The Gulf Coast remained the nation’s only net petroleum-exporting region, producing enough to make the entire country a net petroleum exporter.

Natural gas ranked the second-largest share of exports at 29%, reaching a record 9 quadrillion BTUs, a fourfold increase since 2015 as LNG capacity expanded.

European demand for U.S. LNG surged following Russia’s 2022 invasion of Ukraine. Canada remained the primary source of natural gas imports, helping balance U.S. markets during high-demand winter periods.