MARKETWIRE ALERTS

MARKETWIRE ALERTS 

MarketWire Afternoon News April 21st:

Updated at 5:00 PM ET 

HEADLINES:

— API: Crude Stocks Down 4.47M Bbl, Snapping 7-Week Rise

— Chicago Jet Basis Pulls Back from 3-Year High

— EIA: NatGas Storage to Start 2026 Refill Season Up 3%

— EIA: U.S. Retail Gasoline Average Falls 7.9cts on Week

— EIA: U.S. Diesel Down 20.5cts on Week, Extends Decline

— U.S. Rack ULSD Up 11.2cts; Gasoline Rises 7.09cts

NEWS:

API: Crude Stocks Down 4.47M Bbl, Snapping 7-Week Rise

The American Petroleum Institute (API) has cited a 4.47 million bbl decline in commercial crude stocks for last week, after a prior seven-week build that led to an accumulation of more than 40 million bbl, energy market participants who saw the latest API data told DTN on Tuesday (4/21).

Despite the overall decline in crude stocks during the week ended April 17, the Cushing, Oklahoma delivery point for NYMEX WTI futures, saw a rise of 678,000 bbl last week. In the prior week ended April 10, Cushing saw a slide of 1.7 million bbl.

Gasoline inventories fell by 5.165 million bbl last week, after a 626,000-bbl rise from the week before.

Distillate fuel supply slumped by 4.59 million bbl, deepening the previous week’s decline of 3.4 million bbl.

Chicago Jet Basis Pulls Back from 3-Year High

DAVENPORT, FL (DTN) — Chicago jet fuel basis moved lower Tuesday (4/21), falling 31.5cts on the session, to move sharply below three-year highs seen earlier this month.

Jet fuel basis in Chicago was last assessed at a 2cts premium to May NYMEX ULSD futures, according to DTN Energy data. That compares with its April 1 high of $1.05.

“It feels like the market is starting to settle more into regional conditions,” a source familiar with Midwest refined product trading said. “We’re seeing less of that pull from the Gulf, and Chicago is beginning to decouple from the pressure that was driving jet higher earlier in the month.”

The pullback follows an extended period of strength in Chicago jet fuel, where the basis surged highs last seen in 2023 amid strong distillate demand and elevated pricing tied to Gulf Coast markets.

The move lower suggests some easing in prompt tightness, with Midwest values adjusting as the market recalibrates from the rally earlier in the month.

EIA: NatGas Storage to Start 2026 Refill Season Up 3%

SECAUCUS, NJ (DTN) – U.S. natural gas inventories would likely to start the 2026 injection season higher by 3%, the Energy Information Administration (EIA) said Tuesday (4/21), indicating further price softening if balances in the heating feedstock keep rising.

Inventories are projected to start the refill season for the Lower 48 states at 1,890 billion cubic feet (Bcf) from a prior estimate of 1,833 Bcf, the EIA said.

Net injections through the refill season from April through October are expected to leave inventories up 9% from the five-year average, the agency added.

The surplus is largely driven by a 3% increase in dry natural gas production alongside a 1% decline in domestic consumption, the EIA said. Additionally, while liquefied natural gas exports were growing, they were not expanding fast enough to offset production gains.

The EIA noted that rising inventories and reduced consumption for U.S. natural gas have already moderated prices, with benchmark futures on the Henry Hub averaging $3.04 per million British thermal units (MMBtu) in March, from averages of $7.72 MMBtu in January and $3.62 MMBtu in February.

EIA: U.S. Retail Gasoline Average Falls 7.9cts on Week

The national average for retail regular gasoline moved lower in the week ending April 20, with declines recorded across most major regions, data from the U.S. Energy Information Administration showed Tuesday (4/21).
The U.S. average for regular gasoline fell by 7.9cts to $4.044 gallon last week, standing 90.3cts higher compared to the same week last year, the EIA’s weekly update on fuel pricing showed.
East Coast (PADD 1) gasoline decreased  by 6.6cts to $3.888 gallon in the week ending April 20, while standing 90.5cts higher than the same period last year.
Within the East Coast, New England (PADD 1A) gasoline fell by 4.7cts to $3.918 gallon week-over-week, standing 99.4cts higher than the same week of 2025.
Central Atlantic (PADD 1B) gasoline prices declined by 6.8cts to $4.025 gallon last week, 90.1cts higher than the same week last year.
Lower Atlantic (PADD 1C) gasoline prices slipped by 7cts to $3.794 gallon in the profiled week, 88.5cts higher than year-ago levels.
Midwest (PADD 2) prices fell by 9.7cts to $3.789 gallon last week, 77.7cts higher compared to the same period last year.
Prices for the same product at the Gulf Coast (PADD 3) fell by 12.4cts to $3.617 gallon, 93.3cts higher than last year.
Rocky Mountain (PADD 4) gasoline grew by 4.1cts to $3.936 gallon, standing 80.6cts higher year-over-year.
West Coast (PADD 5) gasoline prices dropped by 5.7cts to $5.320 gallon, $1.10 higher than the corresponding week last year.
Gasoline prices at West Coast less California declined by 2.7cts to $4.929 gallon, while standing $1.142 higher year-on-year.

EIA: U.S. Diesel Down 20.5cts on Week, Extends Decline

The U.S. Energy Information Administration reported Tuesday (4/21) that retail diesel prices declined for a second consecutive week, with the national average dropping 20.5cts during the week ended April 20 to average $5.403 gallon.

Compared with the same time last year, diesel nationwide was up $1.869 gallon on average.

East Coast diesel prices fell 18cts to $5.494 gallon. Compared with the same time last year, this PADD 1 region showed a $1.88 gallon increase.

New England diesel prices declined 16.2cts to $5.862 gallon. This PADD 1A region climbed $1.929 versus the same period last year.

The Central Atlantic witnessed a 7.2cts decrease on the week. Prices in the PADD 1B region averaged $5.924 gallon, rising $2.105 compared with the previous year.

Diesel prices in the Lower Atlantic averaged $5.297 gallon. This PADD 1C region reflects a 22.1cts decrease on the week and a $1.792 gallon rise from the same time last year.

In the Midwest, diesel prices fell 21.7cts on the week. The PADD 2 region averaged $5.165 gallon, which was $1.69 gallon higher than levels seen a year earlier.

On the Gulf Coast, diesel dropped 24.1cts on the week to $5.069 gallon. Compared with the prior year, prices in PADD 3 were up $1.874 gallon.

Rocky Mountain diesel saw a 4.3cts decrease on the week to $5.213 gallon. The PADD 4 region posted a $1.736 gallon increase versus the same time last year.

West Coast diesel prices fell 20.2cts on the week to average $6.62 gallon. Compared with the previous year, the PADD 5 region was up $2.37 gallon.

West Coast less California diesel dropped 17.3cts on a weekly basis to $6.01 gallon. This represented a $2.197 gallon increase from the same time last year.

California diesel itself slid 23.4cts on the week to $7.325 gallon. Prices in the state remain the highest in the nation, sitting at $2.57 gallon above levels seen at the same time last year.

U.S. Rack ULSD Up 11.2cts; Gasoline Rises 7.09cts

Wholesale rack prices for ultra-low sulfur diesel (ULSD) and gasoline moved higher Tuesday (4/21), reversing Monday’s sharp declines, as physical markets firmed alongside mixed futures amid continued uncertainty around U.S.-Iran negotiations.

Nationwide ULSD rack prices averaged $3.7124 gallon, up 11.2cts from Monday’s $3.6004 gallon, according to DTN data. Conventional unleaded gasoline rack prices averaged $3.2544 gallon, up 7.09cts from $3.1835 gallon.

Futures prices were mixed Tuesday morning. Front-month May NYMEX ULSD futures increased 2.04cts to $3.5613 gallon, while May RBOB gasoline futures rose 1.01cts to $3.1269 gallon. WTI crude for May delivery slipped $0.81 to $88.80 bbl.

Futures direction remained uneven as market participants weighed conflicting signals around the Iran conflict. Reports indicated that another round of talks between U.S. and Iranian officials may be approaching, though uncertainty remains with Tehran yet to confirm participation. With the current ceasefire set to expire Wednesday evening, prices swung on shifting expectations about whether talks can extend the pause in hostilities.

Rack prices moved higher across most regions Tuesday, reflecting a firmer physical tone following Monday’s sharp reset.

ULSD racks increased across all regions, with the largest moves in PADD 1 and PADD 3. East Coast ULSD rose 13.41cts to $3.7044 gallon, while Gulf Coast prices increased 13.41cts to $3.6704 gallon. Midwest values climbed 9.02cts to $3.5071 gallon, while West Coast ULSD rose 13.31cts to $4.5659 gallon, maintaining the strongest regional premium. Rocky Mountain prices posted the smallest increase, up 2.33cts to $4.0335 gallon.

Relative to the national ULSD rack average of $3.7124 gallon, PADD 5 held the widest premium at 85.35cts above the U.S. benchmark, followed by PADD 4 at 32.11cts above. PADD 1 traded near parity with the national average, while PADD 2 and PADD 3 remained at discounts of 20.53cts and 4.20cts, respectively.

On conventional unleaded gasoline racks, all regions moved higher Tuesday. Gulf Coast gasoline recorded the largest increase, rising 20.03cts to $2.9995 gallon. East Coast prices increased 7.29cts to $2.9527 gallon, while Midwest values climbed 5.49cts to $2.7322 gallon. Rocky Mountain gasoline rose 5.38cts to $3.1661 gallon, while West Coast prices increased 12.03cts to $3.9998 gallon, maintaining the only premium position.

Compared with the national gasoline average of $3.2544 gallon, PADD 5 remained the only region trading at a premium, at 74.54cts above the benchmark. All other regions held discounts, led by PADD 2 at 52.22cts below the national average, followed by PADD 1 at 30.17cts and PADD 3 at 25.49cts. PADD 4 traded just slightly below the national benchmark.

Premium gasoline rack prices also moved higher across all regions, broadly in line with conventional gasoline. West Coast premiums remained elevated at $4.4064 gallon, while other regions posted steady increases.

Physical markets appear to be catching up after Monday’s sharp decline, with rack prices rebounding even as futures remain choppy. While paper markets continue to react quickly to shifting headlines around negotiations and ceasefire prospects, rack values are adjusting more gradually as buying patterns and supply availability stabilize.

Even with the volatility, the structure for racks continues to signal that prompt supply is not overly loose. RBOB backwardation is holding above 7cts, while ULSD remains near an 8cts premium on the front month, indicating near-term demand remains supported despite the broader swings in price direction.