MARKETWIRE ALERTS

MARKETWIRE ALERTS 

MarketWire Afternoon News April 14th:

Updated at 5:00 PM ET 

HEADLINES:

— LA Jet Fuel Basis Jumps by 32cts

— Chevron Boosts VZ Heavy Oil Stake to Feed U.S. Refineries

— EIA: U.S. Diesel Down 3.5cts on Week, Snapping 9-Wk Rise

— EIA: U.S. Retail Gas Up on Week, 95.5cts Above Last Year

— BLS: US PPI Rises 0.5% in March on Higher Energy Prices

— U.S. Rack ULSD Up 4.13cts; Gasoline Rises 5.23cts

— IEA: 2026 Oil Demand Seen Down 80K Bpd on Iran War

NEWS:

LA Jet Fuel Basis Jumps by 32cts

The basis for prompt Los Angeles jet fuel jumped by 32cts on Tuesday (4/13) to a 75ct premium above May NYMEX ULSD futures as higher demand was noted for the product.

It was the latest spike in the basis for LA jet fuel, which was at a premium of 43cts to ULSD on Monday (4/13).

The price surge for LA jet fuel comes after the recent closure of Phillips’ 139,000 bpd refinery in Los Angeles and ahead of impending shutdown of Valero’s 145,000 bpd Benicia, California refinery, which is to cease operations in late April.

Chevron Boosts VZ Heavy Oil Stake to Feed U.S. Refineries

Chevron Corp has announced a strategic asset swap with Venezuela’s PDVSA that would consolidate its footprint in the heavy oil sector of that country and bolster long-term supply to U.S. Gulf Coast refineries.

Chevron signed Tuesday (4/13) a strategic swap to exit Venezuelan gas and minor oil ventures in exchange for increased ownership and new drilling rights in the country’s high-yield heavy oil belt. Under the deal, Chevron increases to 49% its stake in the Petroindependencia joint venture and gains development rights for the Ayacucho 8 area in the Orinoco Oil Belt.

The consolidation is a tactical pivot for Chevron, which under existing U.S. federal licenses, exports nearly all of its share of Venezuelan oil to the United States. Extra-heavy crude from the Orinoco region is a critical feedstock for U.S. refineries designed to crack dense, sour grades into high-value transportation fuels.

U.S. imports of Venezuelan oil hit a seven-year high of nearly 550,000 bpd in late March, continuing a climb seen since February, after the White House assumed control of that country’s petroleum sector following the detention of former Venezuelan President Nicolás Maduro earlier in the year.

EIA: U.S. Diesel Down 3.5cts on Week, Snapping 9-Wk Rise

The U.S. Energy Information Administration reported Tuesday (4/14) that retail diesel prices fell for the first time in 10 weeks, with the national average dropping 3.5cts during the week ended April 13 to average $5.608 gallon.

Year-on-year, diesel nationwide was up $2.029 gallon on average.

East Coast diesel prices fell 6.6cts to $5.674 gallon. Compared with the same time last year, this PADD 1 region showed a $2.014 gallon increase.

New England diesel prices rose 2.7cts to $6.024 gallon. This PADD 1A region surged $2.062 versus the same period last year.

The Central Atlantic witnessed a 1.6cts increase on the week. Prices in the PADD 1B region averaged $5.996 gallon, rising $2.14 compared with the previous year.

Diesel prices in the Lower Atlantic averaged $5.518 gallon. This PADD 1C region reflects a 10.6cts decrease on the week and a $1.962 gallon rise from the same time last year.

In the Midwest, diesel prices rose 7.8cts on the week. The PADD 2 region averaged $5.382 gallon, which was $1.872 gallon lower than levels seen a year earlier.

On the Gulf Coast, diesel fell 10.5cts on the week to $5.310 gallon. Compared with the prior year, prices in PADD 3 were down $2.043 gallon.

Rocky Mountain diesel saw a 15.6cts decrease on the week to $5.256 gallon. The PADD 4 region posted a $1.776 gallon increase versus the same time last year.

West Coast diesel prices fell 10.2cts on the week to average $6.882 gallon. Compared with the previous year, the PADD 5 region was down $2.541 gallon.

West Coast less California diesel dropped 18.3cts on a weekly basis to $6.183 gallon. This represented a $2.35 gallon decrease from the same time last year.

California diesel itself slid 0.8cts on the week to $7.559 gallon. Prices in the state remain the highest in the nation, sitting at $2.762 gallon below levels seen at the same time last year.

EIA: U.S. Retail Gas Up on Week, 95.5cts Above Last Year

The national average for retail regular gasoline edged higher in the week ended April 13, with mixed movements across major regions, data from the U.S. Energy Information Administration showed Tuesday (4/14).
The U.S. average for regular gasoline increased by 0.3cts to $4.123 gallon last week, standing 95.5cts higher compared to the same week last year, the EIA’s weekly update on fuel pricing showed.
East Coast (PADD 1) gasoline fell by 4.6cts to $3.954 gallon in the week ended April 13, while standing 93.8cts higher than the same period last year.
Within the East Coast, New England (PADD 1A) gasoline grew by 2cts to $3.965 gallon week-over-week, standing 104.6cts above the same week of 2025.
Central Atlantic (PADD 1B) gasoline prices spiked by 0.7cts on a weekly basis to reach $4.093 gallon last week, 95.6cts higher than the same week last year.
Lower Atlantic (PADD 1C) gasoline prices dropped by 9.7cts to $3.864 gallon in the profiled week, 90.1cts higher than last year levels.
Midwest (PADD 2) prices increased by 11.5cts to $3.886 gallon last week, 87.8cts higher compared to the same period last year.
Prices for the same product at the Gulf Coast (PADD 3) fell by 4.6cts to $3.741 gallon, 99.4cts higher than last year.
Rocky Mountain (PADD 4) gasoline increased by 0.2cts to $3.895 gallon, 79.7cts above year-ago levels.
West Coast (PADD 5) gasoline prices fell by 1.9cts to $5.377 gallon, 111cts higher than the corresponding week the previous year.
Gasoline prices at West Coast less California increased by 0.5cts to $4.956 gallon, while standing 112.6cts higher year-on-year.

BLS: US PPI Rises 0.5% in March on Higher Energy Prices

The Producer Price Index (PPI) for final demand advanced 0.5% in March, following a 0.7% increase in February, the U.S. Bureau of Labor Statistics (BLS) reported Tuesday (4/14).

Market consensus expected a 1.1% increase in March, but the rise in services costs and in core producer prices – final demand excluding food, energy, and trade – was lower than expected.

The March increase was led by a 1.6% rise in prices for final demand goods. Most of that increase can be traced to an 8.5% jump in the index for final demand energy, BLS said. The index for final demand services, in contrast, was unchanged.

Year-on-year, PPI for final demand was up 4.0% in March versus 3.4% in February.

Core PPI for final demand, which strips out volatile food and energy components as well as trade services, rose 0.2% in March after growing 0.5% in February.

U.S. Rack ULSD Up 4.13cts; Gasoline Rises 5.23cts

Wholesale rack prices for ultra-low sulfur diesel (ULSD) and gasoline moved higher Tuesday (4/14), following Monday’s mixed session, as physical markets strengthened alongside a modest pullback in futures tied to easing geopolitical tensions.

Nationwide ULSD rack prices averaged $4.0643 gallon, up 4.13cts from Monday’s $4.0230 gallon, according to DTN data. Conventional unleaded gasoline rack prices averaged $3.3153 gallon, up 5.23cts from $3.2630 gallon.

Futures prices moved lower Tuesday morning. Front-month May NYMEX ULSD futures declined 3.72cts to $3.7969 gallon, while May RBOB gasoline futures fell 3.90cts to $3.0770 gallon. WTI crude for May delivery dropped $3.07 to $96.01 bbl.

Futures softened as markets weighed signs of renewed diplomatic progress over the Middle East conflict, with U.S. and Iranian officials expected to hold another round of talks later this week. The prospect of continued negotiations has eased some of the immediate supply concerns that had resurfaced earlier in the week.

Despite the softer tone in futures, rack prices moved higher across most regions, reflecting continued strength in physical markets after last week’s sharp correction.

In Tuesday’s trade, Rocky Mountain ULSD rose to $4.2887 gallon, maintaining the strongest gain and trading 22.44cts above the national average. West Coast values held the widest premium at $5.0221 gallon, or 95.78cts above the U.S. benchmark. East Coast ULSD edged lower to $4.0238 gallon, while Gulf Coast and Midwest prices were reported at $3.9836 gallon and $3.9009 gallon, respectively, both holding discounts to the national average.

Relative to the national ULSD rack average of $4.0643 gallon, PADD 5 held the widest premium, followed by PADD 4, while PADD 2 remained the deepest discount at 16.34cts below the benchmark.

On conventional unleaded gasoline racks, all regions moved higher Tuesday. East Coast gasoline rose to $2.9722 gallon, while Gulf Coast values increased to $2.9718 gallon, both maintaining discounts of roughly 34cts to the national average. Midwest gasoline climbed to $2.8049 gallon, holding the deepest discount at 51.04cts below the benchmark. Rocky Mountain prices rose to $3.2446 gallon, near the national average, while West Coast gasoline increased to $3.9452 gallon, maintaining the only premium position at 62.99cts above the U.S. average.

Compared with the national gasoline average of $3.3153 gallon, regional differentials remained largely unchanged, with PADD 2 continuing to reflect the weakest pricing structure and PADD 5 maintaining the strongest premium.

 Premium gasoline rack prices also moved higher across most regions. West Coast premiums remained elevated at $4.3376 gallon, while Midwest values continued to trade at the lowest levels compared to other regions.

The move higher in rack prices despite softer futures suggests physical markets are continuing to firm as supply flows adjust, even as geopolitical risk premium eases in paper markets. At the same time, structure remains supportive, with ULSD backwardation holding above 22cts and RBOB above 7cts, indicating prompt supply remains relatively tight despite the recent volatility.

IEA: 2026 Oil Demand Seen Down 80K Bpd on Iran War

The International Energy Agency (IEA) on Tuesday (4/14) slashed its global oil demand forecast by 720,000 bpd from March estimates to project an annual decline of 80,000 bpd as the Iran war disrupts sales.

“The conflict has triggered the largest supply disruption in the history of the global oil market,” the IEA said, noting particularly halted shipping through the Strait of Hormuz, which normally carries around 20 million bpd of petroleum liquids, or 20% of world supply.

The agency reported that Middle East and Asia-Pacific regions were seeing the deepest consumption cuts, specifically for naphtha, LPG, and jet fuel. A projected 1.5 million bpd demand drop in the second quarter would be the sharpest contraction since the COVID-19 pandemic.

Global oil output is expected to fall by 1.5 million bpd on average this year. This marks a 2.6 million bpd swing from previous growth forecast as attacks on oil infrastructure strikes and the Hormuz closure hit oil supply.

The effective closure of the strait caused a 10.1 million bpd supply loss in March. Loadings of crude, natural gas liquids, and refined products averaged just 3.8 million bpd in early April, down from 20 million bpd in February.

Alternative export routes through Saudi Arabia, the UAE, and Turkey have increased to 7.2 million bpd. However, the net loss in regional exports still exceeds 13 million bpd, forcing producers to shut in significant production.

IEA member countries released 400 million bbl from emergency reserves on March 11 to mitigate the shock. Despite this, the agency warned that physical crude prices have surged near $150 bbl, creating an acute disconnect with futures markets.

The agency’s base case assumes regular Middle East deliveries will resume by mid-year. A more severe alternative scenario warns that prolonged conflict could draw down 2 billion bbl from global stocks.

Resuming flows through the Strait of Hormuz is considered the most critical variable for easing global economic pressure. The IEA estimates it will take approximately two months for export volumes to stabilize once the waterway eventually reopens.