MARKETWIRE ALERTS

MARKETWIRE ALERTS 

MarketWire Afternoon News April 15th:

Updated at 5:00 PM ET 

HEADLINES:

— LA Jet Fuel Basis Jumps to 90cts on Tight Supply

— AAR: Petroleum Carloads Up 10.3% for Week Ended April 11

— Analysis: EIA Sees Soaring Exports Break 7-Wk Build Streak

— EIA: PADD 3 Distillate Stocks at 9-Month Low

— EIA: PADD 5 Gasoline Stocks Rise Fourth Consecutive Week

— EIA: Crude Stocks Down 900k on Week, Snapping 7-Week Build

— EIA: PADD 1 Gasoline Stocks Hold Near 2026 Low

— EIA: PADD 2 Gasoline Hits New 2026 Low

— EIA: U.S. Ethanol Production Edges Higher, Up 10.7% on Yr

— EIA: Propane/Propylene Stocks Climb 75.6% on Year

— U.S. Rack ULSD Drops 22.3cts; Gasoline Falls 8.28cts

NEWS:

LA Jet Fuel Basis Jumps to 90cts on Tight Supply

The basis for prompt Los Angeles jet fuel strengthened further on Wednesday (4/15), trading at a 90ct premium above May NYMEX ULSD futures, up by 15cts on the day as demand for the product remained firm amid tightening regional supply.
The latest increase follows a sharp move higher on Tuesday (4/14), when the Los Angeles jet fuel basis jumped by 32cts to a 75ct premium above the May NYMEX ULSD futures contract. Market participants cited stronger buying interest and constrained supply availability as key drivers behind the back-to-back gains.
Support for jet fuel values has also been tied to ongoing refinery capacity reductions in California. The recent shutdown of Phillips 66’s 139,000 bpd Los Angeles refinery has already removed significant production from the region, while Valero’s 145,000 bpd Benicia refinery is scheduled to cease operations later in April, further tightening supply expectations along the West Coast.

AAR: Petroleum Carloads Up 10.3% for Week Ended April 11

The Association of American Railroads (AAR) reports that petroleum and petroleum product carloads totaled 10,771 during the week ended April 11, up by 10.3% from the same week a year ago.

Year-to-date, petroleum and petroleum products carloads totaled 152,544, up 7.9% from the corresponding period of the prior year, an AAR report published on Wednesday (4/15) showed.

Weekly traffic for the profiled week totaled 500,040, up 1.7% from the same week a year ago.

Total carloads for the week ended April 11 reached 228,666, up by 5.1% from the same week of last year.

Weekly intermodal volume was 271,374 containers and trailers, down 1.1% from the corresponding week of the prior year.

Year-to-date, U.S. railroads reported carloads at 3,142,017, up 4.0% on the year.

Cumulative intermodal units were 3,854,862, down 0.3% from a year ago.

Total rail traffic for the first 14 weeks of the year was 6,996,879 carloads and intermodal units, up 1.6% on the year.

Analysis: EIA Sees Soaring Exports Break 7-Wk Build Streak

Commercial U.S. crude oil inventories last week shrank for the first time in two months as exports soared to a seven-month high, Energy Information Administration data showed Wednesday (4/15).

The 900,000 bbl draw during the week ended April 10 left crude inventories at 463.8 million bbl. The prior seven-week climb marked a fast-paced spring stock building season that lasted longer than typical cycles, boosting inventories to 464.7 million bbl, their highest in more than three years.

U.S. crude inventories typically peak in late March or early April before shrinking until late August as refiners ramp up operations ahead of peak fuel demand season. This time, however, the weekly draw came on the back of a 2.1 million bpd swing in net imports. Crude exports clocked in at 5.2 million bpd, the highest weekly pace in seven months, while imports recorded the slowest week so far this year.

Millions of barrels of crude oil and oil products have been stranded in the Persian Gulf for more than six weeks amid the U.S.-Israeli war on Iran. This led to increased buying interest for U.S. petroleum as refiners and consumers globally scrambled to replace missing barrels. Last week, total petroleum exports soared by more than 1 million bpd to 12.74 million bpd, marking the highest weekly pace on record, EIA data revealed.

Refined product exports have over the past four weeks been running 1 million bpd, or 15%, above year-ago levels amid rocketing exports of distillate fuel oil, natural gas plant liquids and heavy oils, the very products most affected by the supply fallout caused by the de facto closure of the Strait of Hormuz. Crude oil exports have now followed suit with the typical four-to-six-week delay to a widening arbitrage window.

Last week, we wrote that “WTI’s steep discount to Brent in March likely led to a surge in cargo bookings, which will show up in export data in the next few weeks. This, in combination with high demand for refined products, may push total petroleum exports to new heights in the weeks to come”. While the Brent-WTI spread has since narrowed, with WTI even briefly flipping to a rare premium to Brent, exports are set to continue at a fast pace this month. Furthermore, the current disconnect between futures and spot pricing may paint a distorted picture for export expectations: WTI ex Houston is back to trading at its pre-war discount to dated North Sea crude.

Middle Eastern crude output will take months to recover to pre-war levels once the Strait is reopened. At the same time, higher prices are incentivizing new well drilling, meaning more and cheaper U.S. crude will be available six months from now. Until then, price-induced demand destruction may have dampened international demand for U.S. oil. For now, however, every sign points to exports staying elevated in the near future.

EIA: PADD 3 Distillate Stocks at 9-Month Low

U.S. Gulf Coast (PADD 3) distillate fuel oil inventories fell to nine-month low during the week ended April 10, while gasoline and jet fuel stocks also declined, according to data released by the U.S. Energy Information Administration on Wednesday (4/15).

Distillate fuel oil inventories in PADD 3 decreased by 1.3 million bbl to 40.7 million bbl in the profiled week, the lowest since the week ended July 4, 2025, when distillate stocks were at 40.6 million bbl.  The current distillate stock level, however, remains above the 40 million bbl balance from a year ago.

Jet fuel inventories in PADD 3 fell by 200,000 bbl to 13.9 million bbl during the reference week and were above the 13.3 million bbl reported in the same week last year. The latest level is the lowest since the week ended March 6, when inventories were at 12.8 million bbl. As a net exporter of distillates and jet fuel, PADD 3 does not report imports of those products.

Motor gasoline inventories in PADD 3 fell by 4.8 million bbl to 83.5 million bbl after increasing 1.9 million bbl in the previous week and were below the 83.9 million bbl reported in the same week last year. The decline in gasoline stocks despite the modest rise in imports suggests robust regional demand or higher outbound movements. Gasoline imports into the Gulf Coast averaged 10,000 bpd, down by 5,000 bpd week-over-week and below the 19,000 bpd imported in the comparable week of 2025.

 Crude oil inventories in PADD 3 dropped by 300,000 bbl week-over-week to 271 million bbl and were above the 254.4 million bbl recorded in the same week of 2025. Crude oil imports into the Gulf Coast rose by 151,000 bpd to 931,000 bpd and were below the 1.423 million bpd recorded in the comparable week last year.

Refinery utilization on the Gulf Coast declined to 94.1% from 95.6% the previous week, with crude oil inputs falling by 18,000 bpd to 9.2 million bpd, EIA data showed.

EIA: PADD 5 Gasoline Stocks Rise Fourth Consecutive Week

U.S. West Coast gasoline stocks increased while distillate was unchanged and jet fuel inventories declined in the week ending April 10, Energy Information Administration data showed Wednesday (4/15).

U.S. West Coast gasoline stocks are making a rebound after a seven-week decline, climbing by 200,000 bbl to 28.3 million bbl in the week ending April 10 after rising the prior week, the EIA’s Weekly Petroleum Status Report showed. Year-on-year, gasoline inventories in the region were higher by 800,000 bbl. PADD 5 gasoline imports dropped by 140,000 bpd to 232,000 bpd last week and were 180,000 bpd higher compared with the same week last year.

Distillate fuel oil inventories in the same region were unchanged on the week at 11.3 million bbl during the week profiled but were 100,000 bbl lower than the volume reported in the same period last year, EIA data showed. Distillate imports fell by 28,000 bpd to 6,000 bpd and were 8,000 bpd lower than the same week last year.

Jet fuel stocks on the West Coast dropped by 700,000 bbl to 10.7 million bbl but were 1 million bbl higher compared with the same week last year. Jet fuel imports declined by 45,000 bpd to 59,000 bpd and were 51,000 bpd lower than the same week the previous year.

Crude oil inventories in PADD 5 increased by 1.7 million bbl to 46.9 million bbl during the week ending April 10 but were 1.7 million bbl lower than the same period last year, the EIA reported. Crude imports declined by 295,000 bpd to 834,000 bpd and were 32,000 bpd lower compared with the same week last year.

Refining utilization in the West Coast slipped to 82.5% from 85.8% the prior week, according to EIA data.

EIA: Crude Stocks Down 900k on Week, Snapping 7-Week Build

U.S. commercial crude oil stocks fell last week, snapping seven consecutive weeks of builds, amid declines as well in gasoline, distillate and jet fuel inventories as refinery activity slowed, Energy Information Administration (EIA) data for the week ended April 10 released on Wednesday (4/15).

Crude stocks decreased by 900,000 bbl to 463.8 million bbl during the week profiled. The prior week’s stock level of 464.7 million bbl was the highest since the week ended June 11, 2021. The current inventory level remains approximately 4.7% above year-ago levels.

Crude oil imports averaged 5.291 million bpd in the profiled week, a decrease of 1.033 million bpd from the previous week. Over the past four weeks, crude imports averaged 6.133 million bpd, down 1.3% from the same period last year.

Total motor gasoline inventories fell by 6.4 million bbl last week to 232.9 million bbl. On an annual level, gasoline stocks were down 0.5%.

Distillate fuel balances fell by 3.1 million bbl to 111.6 million bbl, matching the previous week’s decline. For the year, distillate stocks were down 2.2%.

Jet fuel stocks fell 800,000 bbl to 42.5 million bbl for the week, extending the prior week’s 600,000 bbl decline. Annualized, jet fuel inventories were still 7.7% higher.

Refinery utilization decreased to 89.6% last week from 92.0% of operable capacity reported the prior week. Crude oil input into refineries averaged 16.042 million bpd during the week ended April 10, down by 208,000 bpd from the previous week’s average.

Total products supplied over the last four weeks averaged 20.6 million bpd, up 5.6% from the same period a year earlier. Gasoline demand averaged 8.8 million bpd, up 3.6% from the same period last year, while distillate demand averaged 3.9 million bpd, higher by 2.2% year-over-year.

EIA: PADD 1 Gasoline Stocks Hold Near 2026 Low

East Coast (PADD 1) gasoline inventories were unchanged in the week ended April 10, holding near the lowest levels of 2026, while jet fuel stocks increased and distillate inventories declined, according to data released by the U.S. Energy Information Administration on Wednesday (4/15).

Motor gasoline stocks in PADD 1 were unchanged at 57.7 million bbl in the week ended April 10, holding steady week-over-week and below the 59.0 million bbl reported in the same week last year, EIA data showed. The latest level remains near the lowest point of 2026 and just above the 56.2 million bbl recorded in the week ended January 2, 2026. Gasoline imports into the East Coast averaged 75,000 bpd, down by 108,000 bpd week-over-week and well below the 454,000 bpd imported in the comparable week of 2025.

Jet fuel inventories in PADD 1 increased by 300,000 bbl to 9.8 million bbl in the reference week and were above the 9.2 million bbl recorded in the same period last year. Imports of the product into the region averaged 27,000 bpd, up from 17,000 bpd the prior week and above the 13,000 bpd imported a year earlier.

Distillate fuel oil inventories in PADD 1 declined by 1.4 million bbl to 26.9 million bbl in the respective week and were above the 24.7 million bbl recorded in the same period a year earlier. Distillate fuel oil imports averaged 98,000 bpd, down by 9,000 bpd from the prior week but above the 71,000 bpd imported in the same week last year.

Crude oil inventories on the East Coast fell by 600,000 bbl to 7.7 million bbl week-over-week and were slightly below the 7.9 million bbl reported in the same week of 2025. Crude oil imports declined by 145,000 bpd to 391,000 bpd and were below the 656,000 bpd recorded in the comparable week last year.

Refinery utilization on the East Coast declined to 90.3% from 91.1% the previous week, with crude oil inputs increasing by 15,000 bpd to 835,000 bpd, EIA data showed.

EIA: PADD 2 Gasoline Hits New 2026 Low

Midwest (PADD 2) gasoline inventories declined in the week ended April 10, extending the recent downward trend and falling to a new low for 2026, while distillate and jet fuel stocks also moved lower and crude oil inventories declined, according to U.S. Energy Information Administration data released Wednesday (4/15).

Motor gasoline inventories in PADD 2 fell by 1.5 million bbl to 54.6 million bbl on the week, EIA data showed and were below the 55.2 million bbl recorded in the corresponding week last year. The latest level is the lowest since the week ended January 2 of this year, when inventories stood at 53 million bbl. No motor gasoline imports were recorded for the week, unchanged from the prior week and compared with 6,000 bpd imported in the same week of the prior year.

Distillate fuel oil inventories in the Midwest declined by 400,000 bbl on the week to 28.5 million bbl and were 600,000 bbl below the level reported in the same week of the prior year. Distillate fuel oil imports averaged 9,000 bpd, up 5,000 bpd from the prior week and slightly below the 10,000 bpd imported in the comparable week of last year.

Jet fuel inventories in PADD 2 declined by 300,000 bbl to 7.3 million bbl on the week and were in line with the level recorded in the same week of the prior year. During the profiled week, PADD 2 jet fuel imports remained at zero bpd, unchanged week-over-week and year-over-year.

Crude oil inventories in PADD 2 declined by 2.2 million bbl to 112.4 million bbl during the reference week and were 4.8 million bbl above volumes recorded in the corresponding week of the prior year. Crude oil imports into the Midwest averaged 2.847 million bpd during the reference week, compared with 3.094 million bpd the prior week and 2.637 million bpd reported in the same week of the prior year.

Refinery utilization in the Midwest fell to 84.8% of operable capacity from 88.6% the prior week and was slightly below the 84.9% recorded in the same week of the prior year, according to EIA data.

EIA: U.S. Ethanol Production Edges Higher, Up 10.7% on Yr

The Energy Information Administration reported on Wednesday (4/15) that overall ethanol production in the United States averaged 1.12 million bpd in the week ending April 10, up 4,000 bpd week-on-week and 108,000 bpd, or 10.7% higher than in the same week last year. Four-week average output at 1.107 million bpd was 70,000 bpd above the same four weeks last year.
Midwest ethanol production averaged 1.067 million bpd, up 2,000 bpd week-on-week and 112,000 bpd, or 11.7% higher than in the same week last year. Four-week average output at 1.054 million bpd was 71,000 bpd above the same four weeks last year.
Ethanol blending activity in the U.S. averaged 875,000 bpd, down 20,000 bpd week-on-week and 27,000 bpd, or 3% lower than in the same week last year. Four-week average blending demand at 890,000 bpd was 3,000 bpd above the same four weeks last year.
Blender inputs at the East Coast were down 2,000 bpd on the week while inputs in the Midwest were down 4,000 bpd, down 6,000 bpd on the Gulf Coast and down 6,000 bpd on the West Coast.
Domestic ethanol inventories ended the week at 26.699 million bbl, up 646,000 bbl week-on-week and 115,000 bbl, or 0.4% lower than in the same week last year.
East Coast PADD 1 inventories ended the week at 8.177 million bbl, up 443,000 bbl week-on-week and 245,000 bbl, or 3.1% higher than in the same week last year.
Midwest PADD 2 inventories ended the week at 10.529 million bbl, down 214,000 bbl week-on-week and 592,000 bbl, or 5.3% lower than in the same week last year.
Gulf Coast PADD 3 inventories ended the week at 5.046 million bbl, up 478,000 bbl week-on-week and 382,000 bbl, or 8.2% higher than in the same week last year.
West Coast PADD 5 inventories ended the week at 2.574 million bbl, down 56,000 bbl week-on-week and 108,000 bbl, or 4% lower than in the same week last year.

EIA: Propane/Propylene Stocks Climb 75.6% on Year

The Energy Information Administration reported on Wednesday (4/15) total domestic propane/propylene stocks of 77.897 million bbl in the week ending April 10, up 301,000 bbl week-on-week and 33.53 million bbl, or 75.6% higher than in the same week last year.
Data show propane/propylene exports last week averaged 1.881 million bpd, up 170,000 bpd week-on-week, but 85,000 bpd, or 4.3%, lower than in the same week last year.
Implied demand for propane/propylene in the United States averaged 1.166 million bpd, down 199,000 bpd week-on-week, but 105,000 bpd, or 9.9% higher than in the same week last year.
EIA reports domestic propane/propylene production averaged 2.973 million bpd, down 65,000 bpd week-on-week, but 229,000 bpd, or 8.3% higher than in the same week last year.
East Coast PADD 1 inventories ended the week at 4.03 million bbl, up 431,000 bbl week-on-week and 343,000 bbl, or 9.3% higher than in the same week last year.
Midwest PADD 2 inventories ended the week at 14.738 million bbl, down 208,000 bbl week-on-week and 4.974 million bbl, or 50.9% higher than in the same week last year.
Gulf Coast PADD 3 inventories ended the week at 56.223 million bbl, up 273,000 bbl week-on-week and 27.869 million bbl, or 98.3% 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 2.906 million bbl, down 195,000 bbl week-on-week and 344,000 bbl, or 13.4% higher than in the same week last year.

U.S. Rack ULSD Drops 22.3cts; Gasoline Falls 8.28cts

Wholesale rack prices for ultra-low sulfur diesel (ULSD) and gasoline moved lower Wednesday (4/15), reversing Tuesday’s advance, as both physical and futures markets softened on renewed signs of diplomatic progress in the Iran conflict.

Nationwide ULSD rack prices averaged $3.8415 gallon, down 22.28cts from Tuesday’s $4.0643 gallon, according to DTN data. Conventional unleaded gasoline rack prices averaged $3.2325 gallon, down 8.28cts from $3.3153 gallon.

Futures prices were mixed to slightly higher Wednesday morning after holding onto much of the sharp decline seen in the prior session. Front-month May NYMEX ULSD futures rose 5.62cts to $3.6805 gallon, while May RBOB gasoline futures slipped 1.70cts to $3.0239 gallon. WTI crude for May delivery edged up $0.24 to $91.50 bbl.

Futures had come under pressure earlier as markets reacted to reports that U.S. and Iranian officials were moving forward with another round of negotiations aimed at a more lasting resolution to the conflict. That shift in tone has eased some of the immediate supply concerns that had supported prices earlier in the week, even as uncertainty remains around the outcome of those talks.

Rack prices followed lower across all regions, reflecting a more direct adjustment in physical markets as sentiment shifted.

ULSD racks declined across all regions Wednesday, with the largest drops in the Midwest and East Coast. Midwest ULSD fell 24.97cts to $3.6638 gallon, while East Coast prices declined 20.56cts to $3.8182 gallon. Gulf Coast values dropped 19.80cts to $3.7856 gallon, while Rocky Mountain prices fell 10.63cts to $4.1824 gallon. West Coast ULSD was reported at $4.6311 gallon, maintaining the strongest regional premium.

Relative to the national ULSD rack average of $3.8415 gallon, PADD 5 held the widest premium at 78.96cts above the U.S. benchmark, followed by PADD 4 at 34.09cts above. PADD 1 traded near parity with the national average, while PADD 2 remained the deepest discount at 17.77cts below the benchmark, followed by PADD 3 at 5.59cts below.

On conventional unleaded gasoline racks, all regions moved lower Wednesday. Midwest gasoline recorded the largest decline, falling 9.53cts to $2.7146 gallon, while East Coast prices dropped 7.70cts to $2.9035 gallon. Gulf Coast values declined 7.36cts to $2.8982 gallon, while West Coast gasoline fell 6.83cts to $3.8769 gallon, maintaining the only premium position. Rocky Mountain prices posted the smallest move, down 5.37cts to $3.1909 gallon.

Compared with the national gasoline average of $3.2325 gallon, PADD 5 remained the only region trading at a premium, at 64.44cts above the benchmark. All other regions held discounts, led by PADD 2 at 51.79cts below the national average, followed by PADD 3 at 33.43cts and PADD 1 at 32.90cts. PADD 4 traded just slightly below the national benchmark.

Premium gasoline rack prices also declined across all regions, broadly in line with conventional gasoline. Midwest prices posted the largest drop, while West Coast premiums remained elevated at $4.2697 gallon.

The move lower in both rack prices and futures points to a market reacting to the potential for easing supply disruptions as negotiations progress, even if a final outcome remains uncertain. At the same time, markets are closely watching today’s U.S. Energy Information Administration weekly inventory report for signs on demand trends, particularly whether distillate and gasoline exports continue to move higher, which has been a key source of support for refined product pricing in recent weeks.

Even with the recent pullback, underlying structure continues to signal a relatively tight prompt market, with ULSD backwardation holding above 17cts and RBOB above 7cts, suggesting near-term supply remains firm despite the softer price action.