MARKETWIRE ALERTS

MARKETWIRE ALERTS 

MarketWire Afternoon News for February 24th:

Updated at 5:00 PM ET 

HEADLINES:

— Winter Flight Outages Hit Midwest and NYH Jet Fuel Basis

— API: Crude Stocks Jump 11.4M Bbl on Wk; Products Fall

— EIA: U.S. Retail Gasoline Average Climbs 1.3cts on Week

— EIA: U.S. Retail Diesel Prices See 3rd Straight Wk Rise

— CB: US Consumer Confidence Rebounds in February

NEWS:

Winter Flight Outages Hit Midwest and NYH Jet Fuel Basis

Midwest and New York Harbor jet fuel differentials fell sharply Monday (2/23) as thousands of flights were disrupted by a blizzard that covered the Mid-Atlantic to northern New England.

Group 3 jet fuel traded at a 50cts discount to March NYMEX ULSD futures, marking the weakest level since December 9, 2025, when the differential was assessed at a 52.50cts discount, according to DTN data.

Chicago jet fuel weakened to a 37cts discount to March ULSD futures from an 11cts discount in the prior session.

“The selloff in jet fuel was mainly due to the flight cancellations, which also weighed on the Midwest market,” a person familiar with the market said.

Jet fuel basis in the New York Harbor market also dipped for the second consecutive day, dropping by 4cts to a 26.50cts discount against the front-month ULSD futures contract on the day. 

ULSD also softened, though losses were more moderate. Group 3 ULSD widened to a 30.5cts discount to March ULSD futures from a 27.50cts discount previously and traded in a range out to 35cts back during the session. Chicago ULSD widened to a 24cts discount from a 13.50cts discount in the previous session.

Winter Storm Hernando, which began Sunday, triggered massive aviation outages, pressuring distillate markets across the region.

According to FlightAware’s live cancellation tracker, 6,164 flights were canceled nationwide on Monday. As of Tuesday, more than 2,000 additional flights had been canceled across the United States.

API: Crude Stocks Jump 11.4M Bbl on Wk; Products Fall

The American Petroleum Institute (API) cited a large build in commercial crude oil stocks for last week in a report issued on Wednesday (2/24), while noting lower balances for gasoline and distillate fuel inventories.

Ther API said commercial crude oil stocks surged by 11.4 million bbl during the week ended February 20. Separately, stocks at the Cushing, Oklahoma delivery point for NYMEX WTI futures rose by 1.79 million bbl, aligning with the large crude build.

Gasoline balances declined by 1.53 million bbl while distillates supply fell by 2.77 million bbl during the reference week.

EIA: U.S. Retail Gasoline Average Climbs 1.3cts on Week

The national average for retail regular gasoline edged higher in the week ending February 23, with most regions posting increases, data from the U.S. Energy Information Administration showed Tuesday (2/24).
The U.S. average for regular gasoline increased by 1.3cts to $2.937 gallon last week, standing 18.8cts lower compared with the same week last year, the EIA’s weekly fuel pricing update showed.
East Coast (PADD 1) gasoline prices rose by 0.1cts to $2.834 gallon in the week ending February 23, while remaining 17.7cts below levels seen during the same period last year.
Within the East Coast, New England (PADD 1A) gasoline increased by 1.7cts to $2.852 gallon week over week, standing 15.3cts lower than the same week of 2025. Central Atlantic (PADD 1B) prices slipped 0.5cts to $2.962 gallon, coming in 18.1cts below last year, while Lower Atlantic (PADD 1C) prices were flat at $2.748 gallon, 18.3cts lower year over year.
Midwest (PADD 2) gasoline prices declined by 0.8cts to $2.675 gallon last week, remaining 26.3cts lower than last year.
Prices at the Gulf Coast (PADD 3) rose 5cts to $2.532 gallon, though still 17.2cts below year-ago levels. Rocky Mountain (PADD 4) gasoline fell 7.5cts to $2.662 gallon, standing 35.7cts lower than the same week the previous year.
West Coast (PADD 5) gasoline prices increased by 6.6cts to $4.111 gallon in the profiled week, 7.7cts lower than a year earlier. Gasoline prices on the West Coast excluding California jumped 11.5cts to $3.723 gallon, while running 0.7cts lower year over year.

EIA: U.S. Retail Diesel Prices See 3rd Straight Wk Rise

The U.S. Energy Information Administration reported Tuesday (2/24) that retail diesel prices rose for the third consecutive week, climbing 9.8cts during the week to February 23 to average $3.809 gallon, while increasing 11.2cts on the year. The weekly increase was the largest since the week ending January 20, 2025, when prices jumped 11.3cts.

Diesel prices continued higher for a third week through late February, with increases recorded across all major regions.

East Coast diesel prices rose 8.0cts to $3.843 gallon. For the year, this PADD 1 region showed a 4.8cts increase.

New England diesel prices slid 1.4cts to $4.201 gallon while climbing 15.8cts on the year.

In the latest week, the biggest diesel weekly appreciation was in the Midwest. This PADD 2 region had a 13.4cts rise on the week and 18.3cts climb on the year to average at $3.798 gallon.

Diesel prices in the Central Atlantic (PADD 1B) region witnessed a 7.4cts rise on the week and 14.2cts climb on the year to average at $4.104 gallon.

In the Lower Atlantic area, diesel was at $3.708 gallon. The PADD 1C region was up 9.6cts on the week while flat compared with levels from the prior year.

In the Gulf Coast, diesel increased 7.7cts on the week to $3.489 gallon. For the year, this PADD 3 region climbed 6.9cts.

In the Rocky Mountain area, diesel prices rose 7.6cts on the week and 18.8cts on the year to average at $3.683 gallon.

West Coast diesel saw a 8.2cts increase on the week to $4.465 gallon. For the year, the PADD 5 witnessed a surge of 10.7cts.

West Coast less California diesel climbed 8.0cts on a weekly basis to $4.050 gallon, while rising 14.2cts on the year.

California diesel itself rose 8.4cts on the week and 6.7cts on the year to $4.944 gallon.

CB: US Consumer Confidence Rebounds in February

U.S. consumer confidence rebounded in February, after hovering below the 90-point mark since November, the Conference Board said in a report Tuesday (2/24).

The Conference Board reported that its headline confidence index rose above analyst expectations to 91.2 this month. The index for January was revised higher 4.5 points to 89.0, from the preliminary reading of 84.5 points which marked a twelve-year low.

“Confidence ticked up in February after falling in January, as consumers’ pessimistic expectations for the future eased somewhat,” said Dana M. Peterson, chief economist at the Conference Board. “Four of five components of the Index firmed. Nonetheless, the measure remained well below the four-year peak achieved in November 2024 (112.8).”

The confidence index is a gauge of the household optimism that fuels roughly 70% of the U.S. economy through personal spending and is closely watched by market analysts.

Consumers’ assessments of their current economic situation – the present situation index – continued to decline as consumer’s views of current business conditions worsened on net, falling 1.8 points to 120.0 in February. The expectations index, which gauges consumer’s short-term outlook on the economy, rose 4.8 points to 72.0, but remained well below the 80-point threshold that in the past had signaled a recession ahead.

Survey responses highlighted that rising living costs remained the primary source of economic stress for most households. “Consumers’ write-in responses on factors affecting the economy continued to skew towards pessimism. Comments about prices, inflation, and the cost of goods remained at the top of consumer’s minds”, Peterson said.

The U.S. dollar index briefly rose to 97.9 following the release of the report, and by the time of writing was up 0.23 points to 97.875 on the day.

USGC, NYH Jet Fuel Basis Fall as ULDS Futures Rise

Basis for jet fuel in the US Gulf Coast and New York Harbor markets weakened on Monday (2/23), as the March futures on the New York Mercantile Exchange (NYMEX) climbed 3.57% on the day on firm buying interest.

Jet fuel basis at the Houston origin of the Colonial Pipeline in the Gulf Coast spot market, fell 7.7cts to be assessed at 24.75cts discount against the March NYMEX ULSD futures contract amid bids heard at 25cts and offers at 22.50cts levels.

Meanwhile, basis for jet fuel moved on the Buckeye Pipeline in the New York Harbor spot market was assessed at a 22.5cts discount over the ULSD futures contract for March delivery, down by 9cts from the previous trading session.

NYH jet fuel basis dropped despite the Energy Information Administration reporting last week that inventories in PADD 1 decreased by 400,000 bbl to 8.5 million bbl during the week ended February 13, compared with 8.9 million bbl reported year-over-year. In contrast, jet fuel stocks in PADD 3 climbed by 100,000 bbl  in the same period to 14 million bbl. This was 700,000 bbl higher than the volume reported the prior year.

Oklahoma Group 3 Gasoline Basis at 1-Month High

Basis for Oklahoma Group 3 suboctane gasoline strengthened sharply Monday (2/23), lifting differentials to their highest level in more than one month as traders reported higher buying interest against limited selling.

The differential for Group 3 regular suboctane, also known as V-grade, advanced 6.25cts on the session to trade at a 14.5cts discount to March NYMEX RBOB futures, compared with a 20.75cts differential in the prior session. The move marked the strongest level since January 20, when the discount was assessed at a 15cts discount to the front-month contract, according to DTN data.

There were stronger bids for Group 3 gasoline against lighter offer-side participation, according to a person familiar with the Midwest gasoline market. That dynamic allowed discounts versus futures to narrow.

The Group 3 market often exhibits heightened volatility because it possesses a smaller refining footprint compared to the high-volume Chicago, Buckeye, and Wolverine systems.

This structural concentration means even modest shifts in buying interest can disproportionately impact basis values relative to the broader Midwest complex.

The strength in Group 3 did not extend across the broader Midwest gasoline complex.

Chicago CBOB basis, including Buckeye and Wolverine, was assessed at a 33cts discount to March NYMEX RBOB futures, weakening 1ct on the day and signaling continued softness in the Great Lakes region.

Distillate basis also softened across the Midwest. Chicago ULSD widened 3.50cts to a 17cts discount to March NYMEX ULSD futures. Buckeye ULSD weakened 2cts to a 12cts discount, in line with Wolverine ULSD, which held at a 12cts discount to the front-month ULSD futures contract.

EIA: 4.6 GW of U.S. Natural Gas Capacity to Retire in 2026

Some 4.6 GW of U.S. natural gas-fired capacity is scheduled for retirement this year, representing nearly 1% of the nation’s operating natural gas fleet, an analysis by the Energy Information Administration (EIA) showed Monday (2/23).

The bulk of the retiring units consists of older, less efficient steam turbines, the EiA said.

The largest individual retirements will occur at the AES Alamitos and Huntington Beach plants in California, which have a combined capacity of 1,368 MW.

Similar shutdowns are expected in Illinois and Texas, and in Pennsylvania, which will go with the retirement of the Eddystone gas-fired plant delayed since last year.

The aging units will be replaced by modern combined-cycle plants to support ongoing grid demand, the EIA added.

Dallas Fed: Texas Feb. Manufacturing Up Amid Tariff Woes

Texas manufacturing extended its growth in February even as tariff uncertainty and tightening cash flows created headwinds for many firms.

The production index in the second largest U.S. state advanced to 12.5 this month from January’s 11.2, while manufacturers reported persistent trade barriers and declining consumer spending.

One metal producer announced the closure of a family business active since 1958, citing customers who weren’t buying or paying on time.

The general business activity index edged into positive territory at 0.2 from a prior -1.2, indicating broader conditions had stabilized despite growing structural challenges.

Capacity utilization climbed five points to 11.8, while new orders remained essentially unchanged at 11.1.

Input cost pressures eased slightly to 31.7, but the wages and benefits index surged nearly 15 points to 31.9 as labor costs accelerated.

The employment index moderated to 7.5, yet the hours worked index rose more than five points to 6.1, signifying longer workweeks for existing staff.

Future production expectations grew more optimistic, with the six-month outlook index rising five points to 34.3 as some firms anticipate continued demand strength.

“Tariffs still have an impact on our business and remain a big unknown,” noted one manufacturer regarding the ongoing burden of trade policy.

Another respondent highlighted that consumers were being negatively impacted by the economy, observing that direct-to-customer spending has declined considerably in recent months.

“The federal and state policy issues have frozen us,” added a food manufacturing representative, echoing the sentiment of widespread regulatory and geopolitical unease.

A machinery manufacturer remained an outlier in optimism, stating that new large opportunities have finally allowed the firm to reach full production capacity.