MARKETWIRE ALERTS

MARKETWIRE ALERTS 

MarketWire Afternoon News for November 25th

Updated at 5:00 PM ET 

HEADLINES:

—  AAR: Petroleum Carloads Fall 10.1% on Week

— Baker Hughes: North America Rig Count Down 17 on Week

— PNW Sub-Octane Premium Basis Drops 10cts on Weak Demand

— EIA: PADD 3 Gasoline Climbs to 81.3M Bbl on Week

— EIA: PADD 1 Gasoline DN 800K Bbl, Distillates Up 1.4M

—  EIA: PADD 2 Crude Stocks Fall 1.2M Bbl, Products Rise

— EIA reports 11 Bcf Withdrawal To US NatGas Storage Last Wk

— EIA: PADD 5 Gasoline Stocks Climb to 27.3M Bbl on Week

— EIA: U.S. Crude Stocks Up 2.8M Bbl on Week, Fuels Rise Too

— DOL: Initial Jobless Claims at 216,000 Week-Ended Nov 22

— Venture Global Announces 20-Year LNG Sale to Tokyo Gas

NEWS:

AAR: Petroleum Carloads Down 10.1% for Week to Nov. 22

The Association of American Railroads (AAR) data show petroleum and petroleum product carloads totaled 10,587 in the week ending November 22, down by 10.1% from the same week a year ago.

Year to date, petroleum and petroleum products carloads totaled 486,485, down by 1.6% from the corresponding period of the prior year, an AAR report published on Wednesday (11/26) showed.

Total U.S. weekly rail traffic at 516,110 carloads and intermodal units in the week profiled was down 0.9% when compared with the same week last year.

Total carloads for the week-ended November 22 reached 234,592, up 2% compared to the same week last year, while U.S. weekly intermodal volume was 281,518 containers and trailers, a 3.2% decrease from the previous year.

For the first 47 weeks of 2025, U.S. railroads reported cumulative volume of 10,462,354 carloads, higher by 1.8% compared to the same period of last year, and 12,763,575 intermodal units, up 2.1% from the prior year.

Total combined U.S. traffic for the first 47 weeks of 2025 was 23,225,929 carloads and intermodal units, reflecting a 2% increase compared to last year.

Baker Hughes: North America Rig Count Down 17 on Week

North American drilling activity fell substantially this week, with a net drop of 17 rigs across the U.S. and Canada that canceled out the prior week’s 12-rig gain, Baker Hughes’ weekly rigs report released on Wednesday (11/21) showed.

With the adjustment, U.S. and Canadian rigs as a total stood at 732 this week, versus the prior week’s 749, showed the report that ran ahead of its usual Friday schedule due to Thursday’s U.S. Thanksgiving holiday.

Total rigs operating in the United States fell by 10 this week to 544. Even so, the total rig count was 38 below where it stood last year, according to the same data.

Also in the U.S., oil-directed rigs fell by 12 to 407 week-on-week. Gas rigs rose by three to 130. Miscellaneous rigs dipped by one to seven.

In North America, land-based drilling decreased by nine to 524. Offshore activity shed one rig to 18 while that for inland waters was unchanged with two rigs. The Gulf of Mexico rig count fell by one to 11.

Canada’s total rig count slipped by seven to 188, with oil-directed rigs also down seven at 121. Gas rigs were unchanged at 64. Total rigs for Canada were 17 below last year’s level.

PNW Sub-Octane Premium Basis Drops 10cts on Weak Demand

December Pacific Northwest sub-octane premium basis dipped by 10cts on Wednesday (11/26) amid lower offers and weak demand.

Offers for December PNW sub-octane were reported at plus 35cts, moving the basis to a 34.5cts premium over January NYMEX RBOB futures.  However, confirmation of trades done at those levels was not available at the time of publication.

Despite declining inventories and last week’s shutdown of BP’s Olympic Pipeline,  PNW spot prices were under downward pressure, according to market sources.

The Olympic Pipeline is currently back online, but its shutdown halted portions of the system on November 11 when a sheen was discovered near a right of way east of Everett, Washington. The pipeline carries more than 90% of refined products to be delivered to the Portland area.

EIA: PADD 3 Gasoline Climbs to 81.3M Bbl on Week

U.S. Gulf Coast refined product inventories were mixed during the week ending November 21, according to U.S. Energy Information Administration data released Wednesday (11/26).

Gasoline stocks in PADD 3 climbed by 2.2 million bbl to 81.3 million bbl last week, compared with the 82 million bbl inventory in the same week of last year. Gasoline imports in the region fell by 9,000 bpd to zero bpd, and compared with the 44,000 bpd inventory for last year.

U.S. Gulf Coast distillate inventories fell by 300,000 bbl to 46.2 million bbl in the reference week, remaining above the 40.3 million bbl stockpile reported a year ago. Distillate imports were at zero, compared with last year’s 4,000 bpd.

Crude oil stocks in PADD 3 climbed by 5.7 million bbl to 247 million bbl in the week ending November 21, above 240.5 million bbl in the same period last year.

Jet fuel inventories in PADD 3 climbed by 800,000 bbl to 14.6 million bbl in the referenced week, above 12.6 million bbl reported last year. Jet fuel imports remained unchanged at zero, for both week and year.

EIA: PADD 1 Gasoline DN 800K Bbl, Distillates Up 1.4M

East Coast inventories of crude oil, gasoline and jet fuel all decreased in the week ending November 21, while stocks of distillate fuel oil expanded, U.S. Energy Information Administration data released Wednesday (11/26) showed.

PADD 1 gasoline stocks fell by 800,000 bbl to 48.8 million bbl in the profiled week and were 1.8 million bbl lower than the level recorded in the same week last year. Motor gasoline blending component stocks fell to 46.4 million bbl, down 1.8 million bbl from the same week last year.

Jet fuel inventories on the East Coast also recorded a draw last week, down 900,000 bbl to 9.2 million bbl.

Regional distillate fuel oil inventories, in contrast, grew by 1.4 million bbl to 27.9 million bbl, still well below the 33.5 million bbl reported in the same week last year. The region held 26.8 million bbl of ultra-low sulfur diesel, compared with 32.2 million bbl last year.

Crude oil inventories in PADD 1 fell 1.1 million bbl to 7.3 million bbl, compared with 8.8 million bbl in the same week last year.

EIA: PADD 2 Crude Stocks Fall 1.2M Bbl, Products Rise

Crude oil inventories in the Midwest fell in the week ending November 21, while fuel inventories recorded across-the-board builds, U.S. Energy Information Administration data released Wednesday (11/26) showed.

Crude oil inventories in PADD 2 fell 1.2 million bbl to 100.9 million bbl, compared with 107.4 million bbl in the same week last year. Stocks at the Cushing, Oklahoma tank farm, delivery point for West Texas Intermediate futures, remained depressed at 21.8 million bbl, unchanged from the week prior. Cushing crude oil inventories were down 9.5% year-on-year, and 21.3% lower than in the same week in 2023.

Midwest gasoline stocks rose 300,000 bbl to 44.6 million bbl, and remained 500,000 bbl below levels reported for the same week in 2024.

Distillate fuel oil inventories expanded by 200,000 bbl to 23.4 million bbl, trailing levels in the same reference week last year by 2.4 million bbl, or 9.3%.

PADD 2 jet fuel stockpiles, meanwhile, rose 700,000 bbl to 7.6 million bbl. The 10% week-on-week increase brought regional jet fuel stocks back in line with year-ago levels.

EIA reports 11 Bcf Withdrawal To US NatGas Storage Last Wk

Energy Information Administration data released mid-morning Wednesday (11/26) show a 11 billion cubic feet withdrawal to U.S. natural gas storage to 3.935 trillion cubic feet in the week ended November 21.

Natural gas in U.S. storage is 0.8% lower than last year and 4.2% above the five-year average of 3.775 Tcf.

Regionally, EIA reports the East registered a 13 Bcf withdrawal to 892 Bcf, 4% less than a year ago and 1.2% lower than the five-year average.

Natural gas in storage in the Midwest decreased 9 Bcf week-on-week to 1103 Bcf, a 2.8% deficit compared to the same week a year ago and 0.4% higher than the five-year average.

Mountain region natural gas in storage decreased 0 Bcf, down 0% year-on-year to 22.2% above the five-year average.

South Central storage rose 13 Bcf to 1329 Bcf, 2.2% more than in the same week last year and 6.3% above the five-year average.

EIA: PADD 5 Gasoline Stocks Climb to 27.3M Bbl on Week

U.S. West Coast PADD 5 refined product inventories were mixed during the week ending November 21, according to U.S. Energy Information Administration data released Wednesday (11/26).

Gasoline stocks in PADD 5 climbed by 300,000 bbl to 27.3 million bbl the week prior and were above the 26.8 million bbl reported in the same period of last year. Gasoline imports in the region climbed by 17,000 bpd to 270,000 bpd, above the zero bpd reported last year.

U.S. West Coast distillate inventories held at 11.2 million bbl in the profiled week, slightly below the 11.3 million bbl in the same week of last year. Distillate imports climbed by 11,000 bpd to 23,000 bpd, above the 4,000 bpd reported last year.

PADD 5 crude oil stocks dropped by 600,000 bbl to 47.1 million bbl during the week ended November 21, below the year-ago level of 47.7 million bbl.

Jet fuel inventories in PADD 5 fell by 200,000 bbl to 11.2 million bbl in the reference week, while remaining above the 10.5 million bbl reported a year ago. Jet fuel imports climbed by 19,000 bpd to 111,000 bpd, nearly even with the 112,000 bpd reported last year.

EIA: U.S. Crude Stocks Up 2.8M Bbl on Week, Fuels Rise Too

U.S. commercial crude oil inventories rose during the week ended November 14, along with a rise in gasoline and distillate fuel oil stocks, the Energy Information Administration reported Wednesday (11/26).

Commercial crude stocks rose by 2.8 million bbl to 426.9 million bbl, following the prior week’s drop of 3.4 million bbl, the EIA said in its Weekly Petroleum Status Report.

The EIA’s latest weekly report on U.S. crude inventories put stockpiles at 1.5 million bbl, or 0.4%, below levels from a year earlier.

Stocks at Cushing, Oklahoma, the delivery point for NYMEX West Texas Intermediate futures, were unchanged at 21.8 million bbl in the reference period.

Distillate oil inventories rose by 1.1 million bbl to 112.2 million bbl in the week ending November 21, following through with a 200,000 bbl growth in the prior week. Distillate stocks remain 2.5 million bbl below the same period last year, with most of the draw occurring in low-sulfur grades.

Total motor gasoline inventories increased by 2.5 million bbl to 209.9 million bbl in the profiled week, adding to the prior week’s rise of 2.3 million bbl drop the prior week. Blending components rose by 3.8 million bbl to 196.8 million bbl, accounting for most of the increase, while conventional gasoline edged lower by 1.3 million bbl to 13.1 million bbl.

Refinery utilization stood at 92.3% of capacity, up by 2.3% from the prior week. Crude runs averaged 16.4 million bpd, up by 200,000 bpd week-on-week.

Crude exports averaged 3.598 million bpd, down by 560,000 bpd from the previous week, while crude imports rose by 1.046 million bpd to 2.838 million bpd.

Total products supplied over the last four weeks averaged 20.24 million bpd, down by 231,000 bpd from the same period a year earlier. Gasoline demand averaged 8.726 million bpd last week, up by 2.6% year-on-year, while distillate demand averaged 3.362 million bpd, down by 9.5% year-on-year.

DOL: Initial Jobless Claims at 216,000 Week-Ended Nov 22

The advance figure for seasonally adjusted initial U.S. unemployment claims was 216,000 in the week ending November 22, down 6,000 from the previous week’s revised level of 222,000, the Department of Labor (DOL) reported Wednesday (11/26).

The four-week moving average was 223,750, a decrease of 1,000 from the previous week’s revised average of 224,750.

DOL reported the advance seasonally adjusted insured unemployment rate at 1.3% for the week ending November 15, unchanged from the previous week’s unrevised rate. The department reports the unemployment rate at a one-week lag.

The advance number for seasonally adjusted insured unemployment during the week of November 8 was 1,960,000, an increase of 7,000 from previous week’s revised level of 1,953,000.

Venture Global Announces 20-Year LNG Sale to Tokyo Gas

Venture Global has secured a deal to provide Tokyo Gas with liquefied natural gas over a 20-year period, the Arlington, VA company said in a statement released late Tuesday (11/25).

Under its fourth long-term contract with a Japanese company, Venture Global said it will supply Tokyo Gas a minimum of 1 million tonnes per annum (MTPA) of LNG from 2030 onwards.
This year alone, Venture Global said it has signed long-term LNG supply contracts totaling 7.75 MTPA.