MARKETWIRE ALERTS

MARKETWIRE ALERTS 

MarketWire Afternoon News for February 19th:

Updated at 5:00 PM ET 

HEADLINES:

— Group 3 Suboctane Jumps to 3-Week High

— PNW Sub-Octane Regular Basis Surges 15cts on Tight Supply

— EIA: PADD 5 Gasoline Stocks Fall Second Week in Row

— EIA: PADD 2 Gasoline Stocks Hold at 2-Year High

— EIA: PADD 3 Gasoline Stocks Record 6th Straight Weekly Draw

— PADD 1 Gasoline Stocks Decline; Distillates Draw on Wk

— EIA: U.S. Crude Stocks Tumble 9M Bbl; Products Down Too

— EIA: US NatGas Storage Reports 144 Bcf Weekly Withdrawal

— EIA: U.S. Ethanol Output Climbs 3.1% Y-o-Y, Stocks Up

— EIA: Propane/Propylene Stocks Increase 34.2% on Year

— PBF Torrance Refinery Reports Flaring After Power Failure

— Oxy Q4 Net Loss Down 77% Y-O-Y, Fueled by Permian Output

NEWS:

Group 3 Suboctane Jumps to 3-Week High

Basis for Oklahoma Group 3 suboctane gasoline strengthened sharply this week as steady buying interest met limited selling activity, pushing differentials to their strongest level in nearly a month.

The differential for Group 3 regular suboctane, also known as V-grade, surged 15.5cts on the day to trade at a 17.5cts discount to March NYMEX RBOB futures. That was the strongest level since January 26, when it was assessed at a 16.5cts discount to the front-month RBOB contract, DTN data showed.

Market sources indicated that buying interest in the product has remained consistent throughout the week, while offers have been limited, contributing to the stronger basis structure.

The uptick in Group 3 gasoline was not reflected in Chicago, where CBOB differentials held at a 29cts discount to March NYMEX RBOB futures. That was about 3cts weaker than the previous session, signaling that the strength remained localized to the Group 3 market rather of being broad-based across the Midwest.

PNW Sub-Octane Regular Basis Surges 15cts on Tight Supply

Basis for prompt Pacific Northwest sub-octane regular surged 15cts Thursday (2/19) to a 55.5cts premium over March NYMEX RBOB futures, driven by limited supplies and firm demand. 

A bid for PNW sub-octane regular was heard at a 55cts premium to the same benchmark. The basis was pegged at a 40.5cts premium to March NYMEX RBOB futures contract in the previous trading session.

West Coast (PADD5) gasoline stocks fell by 100,000 bbl to 30.3 million bbl during the week ended February 13, data from the U.S. Energy Information Administration showed on Thursday. PADD 5 gasoline stocks were 1.7 million bbl higher than the same week last year.

Gasoline imports into the region climbed by 47,000 bpd to 123,000 bpd last week, compared with 2,000 bpd in the same week of last year.

Refining utilization in PADD 5 rose to 87.4% during the week to February 13, from 82.4% the prior week, the EIA data showed.

EIA: PADD 5 Gasoline Stocks Fall Second Week in Row

West Coast (PADD 5) gasoline inventories declined for a second consecutive week, with crude oil and distillate stocks also declining and jet fuel inventories increasing in the week ending February 13, according to Energy Information Administration data released Thursday (2/18).
Motor gasoline inventories in PADD 5 fell by 100,000 bbl to 30.3 million bbl in the prior week, EIA data showed. Stocks were 1.7 million bbl higher than the same week last year. Gasoline imports into the region climbed by 47,000 bpd to 123,000 bpd in the week ending February 13, compared with 2,000 bpd in the same week last year.
Distillate fuel oil stocks in the region slipped by 400,000 bbl to 11.5 million bbl week over week. Inventories were 100,000 bbl lower than the same week last year. Imports for distillates rose by 11,000 bpd to 17,000 bpd last week, versus zero in the previous year.
In contrast, jet fuel inventories climbed by 500,000 bbl to 11.7 million bbl in the reference week. Stocks for this were 800,000 bbl higher than the same week last year. Jet fuel imports increased by 92,000 bpd to 143,000 bpd, compared with the 48,000 bpd imported in the corresponding week last year.
Crude oil stocks in PADD 5 slipped by 400,000 bbl to 47.7 million bbl last week and were 1.1 million bbl higher than the same week last year. Crude oil imports dropped by 35,000 bpd to 1.061 million bpd in the respective week, compared with 1.073 million bpd a year earlier.
Gasoline retail prices in the West Coast (PADD 5) climbed by 10.7cts to $4.045 gallon in the week ending February 16, according to EIA data released Wednesday (2/18). For the year, it was down 14.2cts. Retail gasoline for West Coast less California climbed by 11.1cts to $3.608 gallon, while remaining down 12.1cts on the year. Both PADD 5 and West Coast gasoline prices were well above last week’s national average of $2.924 gallon.

EIA: PADD 2 Gasoline Stocks Hold at 2-Year High

Midwest (PADD 2) gasoline inventories increased last week and remained at their highest level in two years during the week ended February 13, while distillate stocks also rose and crude oil balances declined, according to U.S. Energy Information Administration data released Thursday (2/19).

Motor gasoline inventories in PADD 2 increased by 700,000 bbl to 60.8 million bbl during the reference week, keeping stocks at their highest level since the week ended February 2, 2024, when inventories stood at 61.6 million bbl, EIA data showed. Compared with the corresponding week last year, gasoline inventories were up 2.7 million bbl from 58.1 million bbl.

Distillate fuel oil inventories in the Midwest increased by 1.5 million bbl to 30.8 million bbl on the week and were 2.8 million bbl below the 33.6 million bbl reported in the same week of the prior year.

Jet fuel inventories in PADD 2 were unchanged on the week at 7.9 million bbl, compared with 7.7 million bbl recorded in the same week of the prior year.

Crude oil inventories in PADD 2 declined by 700,000 bbl to 105.8 million bbl during the reference week and were 3.1 million bbl below volumes recorded in the corresponding week of the prior year.

On the import side, crude oil imports into the Midwest averaged 1.611 million bpd during the reference week, compared with 1.574 million bpd reported in the same week of the prior year. Motor gasoline imports averaged 73,000 bpd and were below the 84,000 bpd recorded in the corresponding week of the prior year. Distillate fuel oil imports averaged 25,000 bpd and were below the 33,000 bpd reported in the same week of the prior year, while jet fuel imports were unchanged at zero bpd.

The Midwest reported zero jet fuel imports, unchanged on the week and flat compared with the same week of the prior year.

Refinery utilization in the Midwest increased to 95.1% of operable capacity from 94.5% the prior week, reflecting strong processing rates across the region.

EIA: PADD 3 Gasoline Stocks Record 6th Straight Weekly Draw

U.S. Gulf Coast gasoline inventories declined for a sixth consecutive week, while distillate and jet fuel stocks rose in the week ended February 13, Energy Information Administration data showed on Thursday (2/19). 

Motor gasoline inventories in the Gulf Coast region fell by 2.6 million bbl to 89.6 million bbl last week, the EIA’s Weekly Petroleum Status Report for the week ended February 13 showed. Year-on-year, gasoline stocks in the PADD 3 region were down 6.6 million bbl.

The weekly gasoline stockpile drop came on the back of a slight rise in refining utilization as the maintenance season for fuel processing plants in the United States began declining from the peaks.

Refining utilization in the Gulf Coast rose to 90.4% from 89.2% in the prior week, according to EIA data.

There were also no imports of gasoline into the region, compared to the previous week’s intake of 1,000 bpd and the 16,000 bpd import a year ago.

PADD 3 crude imports fell by 211,000 bpd to 1.502 million bpd on the week but remained 494,000 bpd higher than the same week of last year, due in part to increasing imports of Venezuelan crude into the region.

Jet fuel stocks in PADD 3 climbed by 100,000 bbl to 14 million bbl last week and were 700,000 bbl up year-over-year.

Distillate fuel oil inventories in the same region rose by 150,000 bbl to 48.8 million bbl during the week profiled, and they were 10.8 million higher than the volume reported in same period of last year, EIA data showed.

As a net exporter of distillates and jet fuel, PADD 3 does not report imports of those products.

The average retail prices for gasoline in the Gulf Coast climbed by 0.6cts to $2.482 gallon last week but remained below the national average for retail regular gasoline of $2.924 gallon, according to EIA data released Wednesday (2/18).

Meanwhile, retail prices for diesel in PADD 3 fell 3.5cts on a weekly basis to $3.412 gallon, lower than the $3.711 gallon nationwide average retail price reported last week.

PADD 1 Gasoline Stocks Decline; Distillates Draw on Wk

East Coast (PADD 1) gasoline inventories declined last week during the week ended February 13, while distillate and jet fuel stocks also moved lower and crude oil balances decreased, according to U.S. Energy Information Administration data released Thursday (2/19).

Motor gasoline inventories in PADD 1 fell by 800,000 bbl to 66.6 million bbl during the reference week. Despite the draw, gasoline stocks remained above the 65.9 million bbl reported in the corresponding week of the prior year, EIA data showed.

Distillate fuel oil inventories on the East Coast declined by 1.8 million bbl to 27.3 million bbl on the week and were below the 28.2 million bbl recorded in the same week last year.

Jet fuel inventories in PADD 1 decreased by 400,000 bbl to 8.5 million bbl during the profiled week. This compared with 8.9 million bbl reported year-over-year, keeping annual balances modestly tighter despite the weekly decline.

Crude oil inventories in PADD 1 edged lower by 200,000 bbl to 7.7 million bbl during the reference week and remained below the 8.3 million bbl recorded in the same week of the prior year.

On the import side, crude oil imports into the East Coast increased to 602,000 bpd during the week, compared with 566,000 bpd in the same week last year.

Motor gasoline imports declined to 264,000 bpd and were below the 289,000 bpd recorded year-over-year.

Distillate fuel oil imports fell to 121,000 bpd during the reference week and were also lower than the 149,000 bpd reported in the same week of the prior year.

Refinery utilization on the East Coast increased to 89.3% of operable capacity, up from 87.6% the prior week, indicating a modest pickup in processing activity across the region.

 The East Coast reported zero jet fuel imports, unchanged on the week and below the 84,000 bpd seen in the same week last year, EIA data showed

EIA: U.S. Crude Stocks Tumble 9M Bbl; Products Down Too

U.S. commercial crude oil stocks tumbled last week to reverse the prior week’s rise, extending the volatile picture for inventories in the aftermath of January’s Winter Storm Fern, Energy Information Administration (EIA) data showed Thursday (2/1). A surge in crude exports and a drop in imports aided the decline.

Gasoline and distillates balances fell too as refinery utilization surged, the EIA said its Weekly Petroleum Status Report, delayed a day by this week’s President’s Day holiday.

Commercial crude stocks declined by 9 million bbl to 419.8 million during the week ended February 13, the report said.

The EIA’s reporting of oil inventories has swung wildly since the January 23 breakout of Storm Fern, which analysts at London-based Energy Aspects estimated gutted between 1.5 million and 2 million bpd of production in the Permian Basin over several days. In the immediate week after the storm, the agency reported a crude draw of 3.4 million bbl, followed by a rise of 8.5 million in the subsequent week.

Last week’s crude stock drop was accompanied by a 1.1 million bbl decline at the Cushing, Oklahoma delivery point for NYMEX West Texas Intermediate futures. In the prior week, Cushing inventories saw a rise of 1.071 mln bbl.

Total motor gasoline inventories fell by 3.3 million bbl to 255.8 million, marking the first weekly draw after 13 consecutive weeks of builds amid a winter season that typically results in less driving.

Blending components slid by 2.3 million bpd to 240.5 million bpd, after a prior weekly addition of 1.4 million. Conventional gasoline stocks fell by 800,000 bbl to 15.4 million, extending the previous 200,000-bbl decline.

Distillate fuel oil inventories retreated by 4.6 million bbl to 120.1 million, adding to the prior week’s drop of 2.7 million.

Refinery utilization rose to 91% of operable capacity, from a previous 89.4%. Crude oil inputs into refineries averaged 16.1 million bpd, versus the previous week’s 16 million.

Crude oil exports averaged 4.5 million bpd, up 760,000 from the previous week, while

crude imports fell by 290,000 bpd to 6.52 million.

Total products supplied over the last four weeks averaged 20.953 million bpd, up 3.4% from the same period a year earlier. Gasoline demand last week averaged 8.345 million bpd, up 0.3% from the same period last year, while distillate demand averaged 4.177 million bpd, higher by 0.9% from the same period last year.

EIA: US NatGas Storage Reports 144 Bcf Weekly Withdrawal

Energy Information Administration data released midmorning Thursday (2/19) show a 144 billion cubic feet withdrawal from U.S. natural gas storage to 2.07 trillion cubic feet in the week ended February 13. Natural gas in U.S. storage is 2.8% lower than last year and 5.6% below the five-year average of 2.193 Tcf.

Regionally, EIA reports the East registered a 50 Bcf withdrawal to 388 Bcf, 8.9% less than a year ago and 16.9% lower than the five-year average.

Natural gas in storage in the Midwest decreased 53 Bcf week-on-week to 457 Bcf, a 9.1% deficit compared to the same week a year ago and 18.4% lower than the five-year average.
Mountain region natural gas in storage decreased 2 Bcf, up 12.5% year-on-year to 44.8% above the five-year average.
South Central storage fell 37 Bcf to 747 Bcf, 7.4% less than in the same week last year and 10.2% below the five-year average.

EIA: U.S. Ethanol Output Climbs 3.1% Y-o-Y, Stocks Up

The Energy Information Administration reported on Thursday (2/19) that overall ethanol production in the United States averaged 1.118 million bpd in the week ending February 13, up 8,000 bpd week-on-week and 34,000 bpd, or 3.1% higher than in the same week last year. Four-week average output at 1.074 million bpd was in line with year-ago levels.

Midwest ethanol production averaged 1.058 million bpd, up 5,000 bpd week-on-week and 25,000 bpd, or 2.4% higher than in the same week last year. Four-week average output at 1.017 million bpd was 3,000 bpd below the same four weeks last year.
Ethanol blending activity in the U.S. averaged 866,000 bpd, up 25,000 bpd week-on-week and 16,000 bpd, or 1.9% higher than in the same week last year. Four-week average blending demand at 845,000 bpd was 4,000 bpd below the same four weeks last year.
Blender inputs at the East Coast were up 16,000 bpd on the week while inputs in the Midwest were up 4,000 bpd, up 2,000 bpd on the Gulf Coast and up 3,000 bpd on the West Coast.
Domestic ethanol inventories ended the week at 25.588 million bbl, up 341,000 bbl week-on-week and 630,000 bbl, or 2.4% lower than in the same week last year.
East Coast PADD 1 inventories ended the week at 7.544 million bbl, up 45,000 bbl week-on-week and 706,000 bbl, or 8.6% lower than in the same week last year.
Midwest PADD 2 inventories ended the week at 10.594 million bbl, down 196,000 bbl week-on-week and 195,000 bbl, or 1.9% higher than in the same week last year.
Gulf Coast PADD 3 inventories ended the week at 4.373 million bbl, up 401,000 bbl week-on-week and 328,000 bbl, or 7% lower than in the same week last year.
West Coast PADD 5 inventories ended the week at 2.676 million bbl, up 78,000 bbl week-on-week and 281,000 bbl, or 11.7% higher than in the same week last year.

EIA: Propane/Propylene Stocks Increase 34.2% on Year

The Energy Information Administration reported on Thursday (2/19) total domestic propane/propylene stocks of 74.185 million bbl in the week ending February 13, down 3.084 million bbl week-on-week and 18.917 million bbl, or 34.2% higher than in the same week last year.
Data show propane/propylene exports last week averaged 2.04 million bpd, up 169,000 bpd week-on-week and 52,000 bpd, or 2.6%, higher than in the same week last year.
Implied demand for propane/propylene in the United States averaged 1.472 million bpd, down 305,000 bpd week-on-week and 150,000 bpd, or 11.3% higher than in the same week last year.
EIA reports domestic propane/propylene production averaged 2.836 million bpd, up 150,000 bpd week-on-week and 171,000 bpd, or 6.4% higher than in the same week last year.
East Coast PADD 1 inventories ended the week at 3.694 million bbl, down 406,000 bbl week-on-week and 92,000 bbl, or 2.6% higher than in the same week last year.
Midwest PADD 2 inventories ended the week at 15.174 million bbl, down 528,000 bbl week-on-week and 2.621 million bbl, or 20.9% higher than in the same week last year.
Gulf Coast PADD 3 inventories ended the week at 51.75 million bbl, down 1.807 million bbl week-on-week and 16.016 million bbl, or 44.8% higher than in the same week last year.
Combined inventories in the Rockies and the West Coast, PADD 4 and 5, ended the week at 3.566 million bbl, down 344,000 bbl week-on-week and 186,000 bbl, or 5.5% higher than in the same week last year.

PBF Torrance Refinery Reports Flaring After Power Failure

PBF Energy reported unplanned flaring at its 155,000 bpd Torrance, California refinery on Thursday (2/19) at 6:41 a.m. PT tied to a utility power failure, according to a filing with the South Coast Air Quality Management District. The event was listed as ongoing, with no end time provided.
The company also reported flaring related to the same power failure beginning Wednesday (2/18) at 3:12 a.m. PT.  PBF said the unexpected loss of power shut down several pumps and temporarily halted operations for a portion of the refinery.
The power related flaring occurred while the Torrance refinery was in start-up mode following a recent turnaround, the company said.
Separately from the power failures, PBF reported a startup/shutdown flaring event at the Torrance refinery that began Feb. 10 at 11:12 a.m. PT and is expected to end Feb. 20 at 11:59 p.m. PT, according to an earlier SCAQMD filing.

Oxy Q4 Net Loss Down 77% Y-O-Y, Fueled by Permian Output

Occidental Petroleum cut net loss in the fourth quarter of 2025 by 77% from a year ago as record production in the Permian Basin helped it offset lower realized prices for oil and gas.

• Net loss shrank to $68 million from $297 million in the fourth quarter of 2024.
• Permian production averaged 818,000 bpd in the referenced quarter from a global output of 1.481 million bpd.
• Average realized crude oil prices for the quarter in review fell 15% year-on-year to $59.22 bbl – virtually matching the drop in the price of Brent, which slid 14.7% to $63.09.
• Average realized price for gas price also fell to $1.12 per thousand cubic feet (Mcf), down 11% from $1.26 Mcf a year ago.
• Midstream and marketing activity reported a pre-tax profit of $204 million for the quarter versus a loss of $134 million in the previous year.
• Completion of the $9.7 billion sale of OxyChem to Berkshire Hathaway on January 2 reduced principal debt to $15 billion from a prior debt level of $20.8 billlion, strengthening the balance sheet.