MARKETWIRE ALERTS

MARKETWIRE ALERTS 

MarketWire Afternoon News for March 23rd:

Updated at 5:00 PM ET 

HEADLINES:

— IEA Outlines 10 Actions to Ease Oil Shock Impact

— TotalEnergies to Relinquish U.S. Offshore Wind Projects

— AAR: Petroleum Carloads Up 11.3% for Week Ended March 14

— DoorDash Drivers Offered Relief From Pricey Fuel

— Price Swings in ULSD, RBOB Futures to Squeeze Margins

— LA ULSD Regular Basis Spikes by 28cts on High Demand

— DOE: 45.2M Bbl in SPR Oil First for Middle East Disruption

— U.S. Rack ULSD Up 17.9cts Since Friday; Gasoline Higher

NEWS:

IEA Outlines 10 Actions to Ease Oil Shock Impact

The International Energy Agency on Monday (3/23) set out a range of demand-side actions that governments, businesses and households can take to alleviate the economic impacts on consumers of the disruptions to oil markets stemming from the war in the Middle East. These are the actions the IEA recommends to reduce demand: 

1. Work from home where possible
Displaces oil use from commuting, particularly where jobs are suitable for remote work.

2. Reduce highway speed limits by at least 10 km/h
Lower speeds reduce fuel use for passenger cars, vans and trucks.

3. Encourage public transport
A shift from private cars to buses and trains can quickly reduce oil demand.

4. Alternate private car access to roads in large cities on different days
Number-plate rotation schemes can reduce congestion and fuel-intensive driving.

5. Increase car sharing and adopt efficient driving practices
Higher car occupancy and eco-driving can lower fuel consumption quickly.

6. Efficient driving for road commercial vehicles and delivery of goods
Better driving practices, vehicle maintenance and load optimisation can cut diesel use.

7. Divert LPG use from transport
Shifting bi-fuel and converted vehicles from LPG to gasoline can preserve LPG for cooking and other essential needs.

8. Avoid air travel where alternative options exist
Reducing business flights can quickly ease pressure on jet fuel markets.

9. Where possible, switch to other modern cooking solutions
Encouraging electric cooking and other modern options can reduce reliance on LPG.

10. Leverage flexibility with petrochemical feedstocks and implement short-term efficiency and maintenance measures
Industry can help free up LPG for essential uses while reducing oil consumption through quick operational improvements.

TotalEnergies to Relinquish U.S. Offshore Wind Projects

TotalEnergies and the U.S. Department of the Interior (DOI) agreed on Monday (3/23) to redirect the company’s $1billion of offshore wind investments toward oil, natural gas and LNG production in the United States.

TotalEnergies pledged not to pursue offshore developments in the United States as part of a deal sign with the DOI during the first day of the conference CERAWeek by S&P Global in Houston.

The French operator will relinquish its Carolina Long Bay lease and its New York Bight lease. both awarded in 2022.

U.S. Secretary of the Interior Doug Burgum said that the repurposing of Total Energies was due to national security concerns and economic factors. 

AAR: Petroleum Carloads Up 11.3% for Week Ended March 14

The Association of American Railroads (AAR) reports that petroleum and petroleum product carloads totaled 10,688 during the week ended March 14, up by 11.3% from the same week a year ago.

Year-to-date, petroleum and petroleum products carloads totaled 109,577, up 7.7% from the corresponding period of the prior year, an AAR report published on Monday (3/23) showed.

Weekly traffic for the profiled week totaled 508,737, up 1.1% from the same week a year ago.

Total carloads for the week ended March 14 reached 228,299, higher by 1.0% from the same week of last year.

Weekly intermodal volume was 280,483 containers and trailers, up 1.1% from the corresponding week of the prior year.

Year-to-date, U.S. railroads reported carloads at 2,222,692, up 5.0% on the year.

Cumulative intermodal units were 2,754,646, down 0.5% from a year ago.

Total rail traffic for the first 10 weeks of the year was 4,977,338 carloads and intermodal units, up 1.9% on the year.

DoorDash Drivers Offered Relief From Pricey Fuel

DoorDash Drivers Offered Relief From Pr

03/23/2026 16:23

SECAUCUS, NJ (DTN) – Delivery company DoorDash announced Monday (3/23) that it has launched a month-long program to offset the soaring  price of fuel for its U.S. delivery drivers.

Running through April 26, the initiative offers 10% cash back on gas purchases and weekly payments of up to $15 for high-mileage drivers, Door Dash said.

Eligible participants can save between $1.40 and $1.90 gallon by combining the cash-back rewards with mileage-based subsidies. The program specifically targets those driving over 125 miles weekly to mitigate the impact of recent double-digit volatility in refined fuel markets.

Breakdown for the relief is as follows:

Price Swings in ULSD, RBOB Futures to Squeeze Margins

U.S. refining margins are likely to be squeezed if extreme volatility in NYMEX ULSD and RBOB futures becomes normalized with minute-by-minute turns in the Iran war.

Sharp double-digit declines in refined product futures, such as those seen on Monday (3/23), could particularly put refiners in the West Coast, or PADD 5, under pressure as the cost of heavy crude remains buoyed by the ongoing supply blockade caused by the war.

ULSD futures for April delivery finished down Monday’s trade down $0.5524 at $4.0560 gallon, after a session low of $4.0049 and high of $4.8353.

The NYMEX RBOB gasoline contract for April closed down $0.3113 at $2.9749 gallon. The intraday low was $2.8972 versus high of $3.4079.

Crude prices also tumbled after swinging on the day. NYMEX WTI for April settled at $88.13 bbl, down about $10, after an intraday swing of $17. Brent, which decides pricing for imported crude, fell more than $12 on the day, after a swing of over $18, to $99.94.

While the outsized drop in crude futures should theoretically balance out Monday’s 55cts drop in ULSD and 31cts slide in gasoline, real market conditions can exacerbate refiners’ dilemma, owing to timing lags and grade differentials.

This is because refiners are now processing crude purchased weeks ago when Brent was steady at around $100/bbl. When refined product futures – ULSD or RBOB – tumble intensely following turn-by-turn developments on the Iran war, the refiner sells finished fuel at prompt lower prices while paying off expensive inventory currently in their system. This creates an immediate cash-flow squeeze that a one-day drop in crude futures cannot fix.

While WTI fell to around $88 bbl on Monday, the heavy grades required by PADD 5 refiners remain relatively sticky or expensive because of the Strait of Hormuz blockade by Iran that has physically cut off the global supply of heavy oil.  Case in point is Brent, which fell $12 on the day but remained close to $100 bbl.  Brent is one of the international indicators for heavy crude like the Saudi Medium or Saudi Light that West Coast refiners rely on.

Unlike refiners on the Gulf Coast, or PADD 3, which are supplied by an extensive network of domestic pipelines from the Permian and Bakken, the West Coast has no such infrastructure crossing the Rockies. If PADD 5 loses seaborne imports from the Middle East, it cannot simply turn a valve to bring in more Texas crude.

While the U.S. is a net exporter of oil, California itself remains a massive net importer. Persian Gulf imports concentrate largely in PADD 5 because California refiners lack the pipeline connectivity of the PADD 3. Daily price swings from the Iran war will disproportionately impact refiners in the West Coast more than any other U.S. region.

LA ULSD Regular Basis Spikes by 28cts on High Demand

The basis of April Los Angeles ULSD regular hit a premium of 36cts Monday (3/23) after surging 28cts from where it was last pinned at, amid data showing firm demand and limited supplies.

The premium, previously at 8cts on Friday (3/20), escalated as data from the Energy Information Administration (EIA) showed refining utilization in the West Coast, or PADD 5, declining to 79.8% during the week ended March 13, from a prior 83.8%.

Distillate fuel oil stocks in PADD 5 fell by 500,000 bbl to 11.5 million bbl week-over-week, the EIA data showed. Inventories were also down, by 1.1 million bbl compared to last year. Distillate imports, meanwhile, climbed by 13,000 bpd to 33,000 bpd in the respective week and were higher by 19,000 bpd year-over-year.

DOE: 45.2M Bbl in SPR Oil First for Middle East Disruption

The Department of Energy has awarded eight U.S.-based trading entities contracts for the exchange of 45.22 million bbl of crude oil from the Strategic Petroleum Reserve. These awards represent the first phase of a plan to lend 172 million bbl to stabilize markets amid Middle East conflict.

In a statement issued Friday (3/20), the DOE identified the eight recipients as Shell Trading, Trafigura Trading, Marathon Petroleum, BP Products, Gunvor USA, Mercuria Energy, Vitol, and Energy Transfer. Shell will receive the largest volume at 16.2 million bbl, followed by Trafigura with 8.86 million bbl.

Marathon was awarded 7.7 million bbl, while BP received 5 million bbl. Other awards include Gunvor at 3.085 million bbl, Mercuria and Vitol at 2.0 million bbl, and Energy Transfer at 375,000 bbl.

Borrowers must return the crude along with a premium of 18% to 22% in additional oil. This mechanism is expected to eventually add nearly 10 million bbl to the reserve from this batch.

The current SPR stockpile of 415.4 million bbl would provide slightly more than four days of global supply, and covers about 26 days of domestic demand. Global demand is currently estimated at approximately 100 million bpd.

U.S. Rack ULSD Up 17.9cts Since Friday; Gasoline Higher

Wholesale rack prices for ultra-low sulfur diesel and gasoline moved higher Monday (3/23), extending last week’s increases as refined product markets remain highly volatile, with participants continuing to monitor developments tied to the Middle East.

Nationwide ULSD rack prices averaged $4.3523 gallon, up 17.92cts from Friday’s $4.1731 gallon, according to DTN data. Conventional unleaded gasoline rack prices averaged $3.2813 gallon, up 18.47cts from Friday’s $3.0966 gallon. Premium grade gasoline also increased across all regions.

ULSD racks increased across all regions on Monday. The largest move came in PADD 5, where prices climbed 27.29cts to $5.1996 gallon. PADD 4 rose 21.41cts to $4.3880 gallon, while PADD 2 increased 21.22cts to $3.9453 gallon. PADD 1 moved 16.65cts higher to $4.6015 gallon, and PADD 3 added 12.22cts to $4.3426 gallon.

Relative to the national ULSD rack average of $4.3523 gallon, PADD 5 held the strongest premium at 84.73cts above the U.S. benchmark, followed by PADD 1 at 24.92cts above the national average. PADD 4 traded slightly above the benchmark, while PADD 3 was nearly in line, at just 0.97cts below. PADD 2 remained the deepest discount, at 40.70cts below the national average.

On conventional unleaded gasoline racks, all regions moved higher on Monday. PADD 4 recorded the largest increase, rising 24.13cts to $3.3097 gallon. PADD 5 climbed 16.09cts to $4.0074 gallon, while PADD 2 increased 16.06cts to $2.7981 gallon. PADD 3 rose 11.53cts to $2.9377 gallon, and PADD 1 moved 11.18cts higher to $2.9770 gallon.

Compared with the national conventional unleaded gasoline average of $3.2813 gallon, PADD 5 remained the only region trading at a premium, at 72.61cts above the U.S. benchmark. All other regions held discounts, led by PADD 2 at 48.32cts below the national average, followed by PADD 3 at 34.36cts, PADD 1 at 30.43cts and PADD 4 at 2.84cts above the benchmark.

Premium grade gasoline rack prices increased across all regions Monday. PADD 4 posted the largest increase, rising 23.99cts to $3.7360 gallon. PADD 2 increased 15.70cts to $3.4366 gallon, while PADD 5 rose 15.94cts to $4.3820 gallon. PADD 3 climbed 11.73cts to $3.5916 gallon, and PADD 1 moved 11.53cts higher to $3.6042 gallon. Premiums to conventional unleaded gasoline were widest in PADD 3 at 65.39cts, followed by PADD 1 at 62.72cts, PADD 2 at 63.85cts, PADD 4 at 42.63cts and PADD 5 at 37.46cts.

Futures prices moved lower Monday. Front-month May NYMEX ULSD futures were at $4.0133 gallon, down 22.92cts, while May RBOB gasoline futures fell 19.80cts to $3.0339 gallon. WTI crude declined $7.44 to $90.49 barrel.

The decline in futures followed comments from U.S. President Donald Trump indicating that the United States and Iran were engaged in diplomatic negotiations, and that planned attacks on Iranian energy infrastructure had been postponed, easing immediate supply concerns.

Market participants continued to monitor developments tied to the Middle East, as rapidly shifting geopolitical signals keep both crude and refined product markets highly volatile.