MARKETWIRE ALERTS

MARKETWIRE ALERTS 

MarketWire Afternoon News for May 28^th  

Updated at 6:00 PM ET 

HEADLINES:

— LA CARBOB Basis Rises 6cts on Supply Shortage

— EIA: PADD 2 Gasoline Stocks Near 7-Month Low

— EIA: PADD 1 Distillate Stocks Nears 11-Month Low

— EIA: PADD 3 Distillates Remain Near 3-Year Low

— EIA: PADD 5 Gasoline Stocks Fall for Third Week

— EIA: Propane/Propylene Stocks Climbs 52.9% on Year

— PNW ULSD Basis Jumps 10cts on Stronger Bids

— EIA: Crude Stocks Fall, Distillates Lowest Since 2003

— EIA: US NatGas Storage Reports 92 Bcf Weekly Injection

— EIA: U.S. Ethanol Stocks Rise, Output Declines Y-o-Y

— PNW ULSD Basis Jumps 10cts on Stronger Bids

— IATA: U.S. Carriers Fuel Cost Doubles, Demand Dips, on War

— CEC: California Gasoline Stocks Fall 226,000 Bbl on Week

— CEC: California Diesel Stocks Climb 152,000 Bbl on Week

— Flint Hills Second Corpus Christi Flare Event in 4 Days

NEWS:

LA CARBOB Basis Rises 6cts on Supply Shortage
Prompt Los Angeles CARBOB regular basis strengthened Thursday (5/28) following Energy Information Administration (EIA) data showing declining motor gasoline stocks and imports in the US West Coast region. 
Multiple trades were reported during the day, with the highest Los Angeles CARBOB regular basis trading at a 48cts premium to July NYMEX RBOB futures, up by 6cts from the prior session, U.S.  West Coast gasoline traders said.
Motor gasoline inventories in the PADD 5 region fell for the third consecutive week, declining 1 million bbl to 26.9 million bbl during the week ended May 22, after falling the prior week, according to EIA data.

EIA: PADD 2 Gasoline Stocks Near 7-Month Low

Midwest gasoline inventories fell for a sixth consecutive week last week, nearing a seven-month low, data from the U.S. Energy Information Administration (EIA) showed Thursday (5/28).

Stocks of crude oil and distillate fuel oil also slipped in the PADD 2 region during the week ended May 22, while jet oil balances stood flat, the EIA’s Weekly Petroleum Status Report.

Motor gasoline inventories in the PADD 2 region decreased by 1.3 million bbl on the week to 43 million. That was the lowest balance for Midwest gasoline since the week ended July 11, when it stood at 43.6 million bbl.

For the year, PADD 2 gasoline stocks dropped 2.8 million bbl from the 46.5 million level seen during the same week of 2025. Imports of gasoline, meanwhile, were at 2,000 bpd compared to zero the prior week and 22,000 bpd a year ago.

Distillate fuel oil inventories in PADD 2 slid by 200,000 bbl on the week to 23.6 million bbl, the EIA data showed. On the year, they were 200,000 bbl higher.

Distillate fuel oil imports averaged 18,000 bpd, down from 1,000 bpd the prior week and more than double the 7,000 bpd imported a year earlier.

Jet fuel inventories in the Midwest were flat at 6.8 million bbl but were 200,000 bbl above  the 6.6 million bbl recorded in the same week last year. During the profiled week, PADD 2 jet fuel imports were at 18,000 bpd, up 1,000 bpd from the week prior and 11,000 higher year-on-year.

Crude oil imports in PADD 2 averaged 2.945 million bpd during the reference week, compared with 2.916 million bpd the prior week and 2.78 million bpd reported in the same week of the prior year.

EIA: PADD 1 Distillate Stocks Nears 11-Month Low

U.S. East Coast distillate fuel oil stocks have neared 11-month lows after dropping for a second consecutive week last week, data from the U.S. Energy Information Administration (EIA) showed Thursday (5/28).

Gasoline hit a five-month bottom and jet oil inventories dropped as well in the PADD 1 region, while crude balances rose.

Distillate inventories in East Coast slid by 300,000 bbl to 23.7 million during the week ended May 22, the EIA said in its Weekly Petroleum Status Report. That made it the lowest balance for distillates since the week ended July 11, when they stood at 23.6 million.

For the year though, PADD 1 distillate stocks were a notch higher, at 23.7 million bbl versus the 23.6 million seen during the same week of 2025. Distillate imports were more than halved during the reference week, falling to 61,000 bpd from the prior weekly level of 125,000, and was also lower than the year-on-year figure of 90,000.

In gasoline, East Coast stocks fell by 2.1 million bbl to 53.2 million bbl. That was for the lowest inventory for the product on PADD 1 since the week ended December 19, when it stood at just above 53 million. Current gasoline inventories are also lower from the year ago level of 55.2 million.

In imports, East Coast gasoline saw 367,000 bpd versus the prior week’s 457,000 and 516,000 from a year ago.

Jet fuel inventories in PADD 1 slipped by 100,000 bbl to 11.2 million while staying higher than the 10.8 million year-ago level. East Coast imports of jet fuel were at 17,000 bpd versus 13,000 bpd from both a week and year ago.

Crude stocks on the East Coast were at 8.6 million bbl week-over-week, up 900,000  on the week while sliding 100,000 on the year. Imports for this in PADD 1 were at 251,000 bpd during the reference week, versus 303,000 the week prior and 586,000 a year ago.

Refinery utilization on the East Coast declined to 85.4% from 89.3% the previous week, with crude oil inputs dropping by 48,000 bpd to 778,000 bpd, the EIA reported.

EIA: PADD 3 Distillates Remain Near 3-Year Low

U.S. Gulf Coast (PADD 3) distillate fuel oil inventories declined during the week ended May 22, remaining near the lowest level in more than three years, while gasoline and jet fuel inventories increased and crude oil stocks held steady, according to data released Wednesday (5/27) by the U.S. Energy Information Administration.

PADD 3 distillate fuel oil inventories, the feedstock for diesel, fell by 1.3 million bbl to 40.3 million bbl in the profiled week and were below the 43.8 million bbl recorded in the same week last year. Despite the decline, inventories remained above the 38 million bbl reported two weeks earlier, which marked the lowest level since the week ended March 17, 2023.

Jet fuel inventories in PADD 3 increased by 1 million bbl to 15.4 million bbl during the reference week and were above the 13.4 million bbl reported in the comparable week last year. As a net exporter of distillate and jet fuel, PADD 3 does not report imports of those products.

Motor gasoline inventories in PADD 3 increased by 1.5 million bbl to 81.1 million bbl and were below the 84.9 million bbl reported in the same week last year. Motor gasoline imports into the Gulf Coast averaged zero bpd last week, unchanged from the prior week and below the 3,000 bpd recorded during the comparable week last year.

Crude oil stocks in PADD 3 were unchanged week-over-week at 259.2 million bbl and remained above the 251.4 million bbl recorded in the same week of 2025. Imports into the Gulf Coast fell by 586,000 bpd to 963,000 bpd and were below the 1.645 million bpd recorded in the comparable week last year.

Refinery utilization on the Gulf Coast increased to 98% from 97.2% the previous week, while crude oil inputs rose by 254,000 bpd to 9.595 million bpd, EIA data showed.

EIA: PADD 5 Gasoline Stocks Fall for Third Week

U.S. West Coast gasoline and jet fuel inventories declined last week while crude oil stocks increased in the week ending May 22, Energy Information Administration data showed Thursday (5/28).
Motor gasoline inventories in the PADD 5 region fell for the third consecutive week, declining by 1 million bbl to 26.9 million bbl during the week ended May 22, after falling the prior week, the EIA’s Weekly Petroleum Status Report showed. Year-over-year, gasoline stocks in the region were 300,000 bbl lower than the same week last year. PADD 5 gasoline imports dropped by 11,000 bpd to 80,000 bpd last week and were 134,000 bpd lower compared with the same week last year, reflecting tighter regional supply as the West Coast continues to face reduced refining capacity following refinery shutdowns and maintenance activity earlier this year.
Distillate fuel oil inventories in the same region were steady at 10.0 million bbl during the week profiled and were 200,000 bbl higher than the volume reported in the same period last year, EIA data showed. PADD 5 distillate imports climbed by 22,000 bpd to 40,000 bpd on the week and were 27,000 bpd higher year-over-year.

Jet fuel inventories on the West Coast fell by 200,000 bbl to 10.8 million bbl and were 100,000 bbl lower than the same week last year. Jet fuel imports into the region dropped sharply by 64,000 bpd to 25,000 bpd last week and were 156,000 bpd lower than the same week in 2025.
Crude oil inventories in PADD 5 climbed by 900,000 bbl to 44.7 million bbl during the week ended May 22 but were still 6.5 million bbl lower than the same period last year. Its imports into the region fell by 274,000 bpd to 588,000 bpd and were 591,000 bpd lower compared with the same week a year ago.
Refining utilization in the West Coast slipped to 81.6% from 82.3% the prior week, according to EIA data.

EIA: Propane/Propylene Stocks Climbs 52.9% on Year

The Energy Information Administration reported on Wednesday (5/28) total domestic propane/propylene stocks of 81.185 million bbl in the week ending May 22, down 382,000 bbl week-on-week and 28.086 million bbl, or 52.9% higher than in the same week last year.
Data show propane/propylene exports last week averaged 2.625 million bpd, up 624,000 bpd week-on-week and 935,000 bpd, or 55.3%, higher than in the same week last year.
Implied demand for propane/propylene in the United States averaged 510,000 bpd, down 498,000 bpd week-on-week and 331,000 bpd, or 39.4% lower than in the same week last year.
EIA reports domestic propane/propylene production averaged 2.993 million bpd, down 11,000 bpd week-on-week and 160,000 bpd, or 5.6% higher than in the same week last year.
East Coast PADD 1 inventories ended the week at 4.647 million bbl, up 198,000 bbl week-on-week and 873,000 bbl, or 23.1% higher than in the same week last year.
Midwest PADD 2 inventories ended the week at 18.299 million bbl, up 558,000 bbl week-on-week and 6.365 million bbl, or 53.3% higher than in the same week last year.
Gulf Coast PADD 3 inventories ended the week at 54.994 million bbl, down 1.229 million bbl week-on-week and 20.577 million bbl, or 59.8% 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 3.245 million bbl, up 92,000 bbl week-on-week and 271,000 bbl, or 9.1% higher than in the same week last year.

PNW ULSD Basis Jumps 10cts on Stronger Bids

Pacific Northwest ultra-low sulfur diesel (ULSD) basis strengthened sharply Thursday (5/28), climbing 10cts to a 20.5cts premium over July NYMEX ULSD futures contract, as firm buying interest and tightening regional supply supported the market.

Bids for PNW ULSD basis were heard this morning at a 20cts premium, above the assessment level from the previous session Wednesday (5/27), when the basis was pegged at a 10.5cts premium over the front-month NYMEX ULSD futures contract. Meanwhile, offers for the same product were heard ranging from a 29cts premium to a 35cts premium, with no deals reported at such levels.

Upward pressure on ULSD basis values in the Pacific Northwest has been driven by the supply shortages affecting the US West Coast after Valero and Phillips 66 shutdown two refineries in the region, coupled with planned turnarounds by PBF and other operators ahead the summer high-demand season. 

EIA: Crude Stocks Fall, Distillates Lowest Since 2003

U.S. commercial crude oil inventories declined for a fifth consecutive week while distillate fuel inventories dropped to their lowest level since 2003, according to Energy Information Administration data for the week ended May 22 released Wednesday (5/27). Gasoline inventories also fell to a fresh six-month low.

Commercial crude oil inventories fell by 3.3 million bbl to 441.7 million bbl during the week profiled, the lowest commercial crude oil inventory level since February 2026, when stocks stood at 439.2 million bbl. The latest crude inventory balance was up 1.3 million bbl, or 0.3%, from the same period last year.

Crude oil imports averaged 5.212 million bpd in the profiled week, down by 804,000 bpd from the previous week. Over the last four weeks, crude imports averaged 6.215 million bpd, up 2.4% from the same period last year. Crude oil exports averaged 4.440 million bpd last week, down from 5.604 million bpd the week prior but above the 4.301 million bpd reported a year earlier.

Distillate fuel inventories fell by 2.1 million bbl to 100.8 million bbl during the reference week, the lowest inventory level since the week ended May 9, 2003, when stocks stood at 99.9 million bbl. Distillate inventories were down 2.6 million bbl, or 2.5%, from the same week last year.

Total motor gasoline inventories decreased by 2.6 million bbl to 211.6 million bbl, the lowest level since the week ended November 28, 2025. On an annual basis, gasoline inventories were down 11.5 million bbl, or 5.2%, from the same week last year.

Jet fuel inventories rose by 700,000 bbl to 44.9 million bbl last week and were up 2.2 million bbl, or 5.1%, from year-ago levels.

Refinery utilization increased to 94.5% of operable capacity last week from 91.6% in the prior week. Crude oil inputs into refineries averaged 16.971 million bpd, higher than the previous week’s 16.319 million bpd.  

Total products supplied over the last four weeks averaged 20.692 million bpd, up 3% from the same period last year. Gasoline demand averaged 8.701 million bpd, up 0.4% from year-ago levels, while distillate demand averaged 3.955 million bpd, higher by 1.2% from the previous year.

EIA: US NatGas Storage Reports 92 Bcf Weekly Injection

Energy Information Administration data released midmorning Thursday (5/28) show a 92 billion cubic feet injection into U.S. natural gas storage to 2.483 trillion cubic feet in the week ended May 22. Natural gas in U.S. storage is 0.9% higher than last year and 6.2% above the five-year average of 2.339 Tcf.

Regionally, EIA reports the East registered a 28 Bcf injection to 447 Bcf, 2.4% less than a year ago and 1.1% higher than the five-year average.

Natural gas in storage in the Midwest increased 34 Bcf week-on-week to 539 Bcf, a 0.4% surplus compared to the same week a year ago and 1.5% higher than the five-year average.

Mountain region natural gas in storage increased 3 Bcf, up 8.1% year-on-year to 35.7% above the five-year average.

South Central storage rose 21 Bcf to 993 Bcf, 2.4% less than in the same week last year and 0.6% above the five-year average.

EIA: U.S. Ethanol Stocks Rise, Output Declines Y-o-Y

The Energy Information Administration reported on Wednesday (5/28) that overall ethanol production in the United States averaged 1.089 million bpd, down 22,000 bpd week-on-week and 33,000 bpd, or 3% higher than in the same week last year. Four-week average output at 1.075 million bpd was 49,000 bpd above the same four weeks last year.

Midwest ethanol production averaged 1.035 million bpd, down 21,000 bpd week-on-week and 36,000 bpd, or 3.5% higher than in the same week last year. Four-week average output at 1.018 million bpd was 48,000 bpd above the same four weeks last year.

Ethanol blending activity in the U.S. averaged 937,000 bpd, up 20,000 bpd week-on-week and 2,000 bpd, or 0.2% lower than in the same week last year. Four-week average blendind demand at 916,000 bpd was 2,000 bpd below the same four weeks last year.

Blender inputs at the East Coast were up 2,000 bpd on the week while inputs in the Midwest were down 1,000 bpd, up 18,000 bpd on the Gulf Coast and down 0,000 bpd on the West Coast.

Domestic ethanol inventories ended the week at 24.968 million bbl, up 93,000 bbl week-on-week and 687,000 bbl, or 2.8% higher than in the same week last year.

East Coast PADD 1 inventories ended the week at 7.501 million bbl, up 134,000 bbl week-on-week and 49,000 bbl, or 0.7% higher than in the same week last year.

Midwest PADD 2 inventories ended the week at 10.118 million bbl, down 35,000 bbl week-on-week and 477,000 bbl, or 4.7% higher than in the same week last year.

Gulf Coast PADD 3 inventories ended the week at 4.871 million bbl, down 69,000 bbl week-on-week and 269,000 bbl, or 5.5% higher than in the same week last year.

West Coast PADD 5 inventories ended the week at 2.12 million bbl, up 69,000 bbl week-on-week and 132,000 bbl, or 6.2% lower than in the same week last year.”

PNW ULSD Basis Jumps 10cts on Stronger Bids

Pacific Northwest ultra-low sulfur diesel (ULSD) basis strengthened sharply Thursday (5/28), climbing 10cts to a 20.5cts premium over July NYMEX ULSD futures contract, as firm buying interest and tightening regional supply supported the market.
Bids for PNW ULSD basis were heard this morning at a 20cts premium, above the assessment level from the previous session Wednesday (5/27), when the basis was pegged at a 10.5cts premium over the front-month NYMEX ULSD futures contract. Meanwhile, offers for the same product were heard ranging from a 29cts premium to a 35cts premium, with no deals reported at such levels.
Upward pressure on ULSD basis values in the Pacific Northwest has been driven by the supply shortages affecting the US West Coast after Valero and Phillips 66 shutdown two refineries in the region, coupled with planned turnarounds by PBF and other operators ahead the summer high-demand season. 

IATA: U.S. Carriers Fuel Cost Doubles, Demand Dips, on War

U.S. and North American air travel demand softened slightly in April as the ongoing Middle East conflict disrupted global flight networks and doubled jet fuel costs, the International Air Transport Association (IATA) reported Thursday (5/28).

North American carrier demand dipped 0.3% year-on-year, while domestic United States traffic fell 0.6% during the month.

Global passenger demand dropped 3.4% in April compared to the same period last year, entirely dragged down by a 46.6% collapse in Middle East carrier traffic, IATA said.

Excluding the conflict-afflicted region, international passenger demand actually grew, by 1.2% globally, as airlines navigated highly volatile operating conditions and rising ticket prices.

The war in Iran forced carriers to cut forward schedules in order to balance weaker demand and surging fuel expenses, IATA Director General Willie Walsh said, noting this was putting significant upward pressure on airfares. “The cost of jet fuel more than doubled in April, which is pushing airfares up,” Walsh added.

Despite the pressure, international traffic for North American carriers remained flat, and Europe-to-Asia direct traffic surged 15.3% as carriers bypassed Middle Eastern airspace, IATA observed.

CEC: California Gasoline Stocks Fall 226,000 Bbl on Week

California Energy Commission data show statewide gasoline inventories declined in the week ending May 22, as the agency continues to report only statewide totals in its Weekly Fuels Report released on Thursday (5/28).
Statewide gasoline stocks, including CARB reformulated, non-California, and blending components, fell by 226,000 bbl to 9.728 million bbl, while standing 10% below the same week last year.
Statewide gasoline production increased by 6,000 bbl to 4.967 million bbl, though production remained 19% below last year’s levels.
The California Energy Commission is currently publishing only statewide gasoline inventory and production data and is no longer providing regional Northern and Southern California breakdowns.

CEC: California Diesel Stocks Climb 152,000 Bbl on Week

California Energy Commission data show statewide diesel inventories increased in the week ending May 22, as the agency continues to report only statewide totals in its Weekly Fuels Report released on Thursday (5/28).
Statewide CARB diesel and other diesel fuel stocks climbed by 152,000 bbl to 2.372 million bbl, though inventories remained 11% below the same week last year.
Statewide diesel production increased by 155,000 bbl to 1.430 million bbl and stood 6% higher than last year’s levels.
The California Energy Commission is currently publishing only statewide inventory and production data and is no longer providing regional Northern and Southern California breakdowns.

Flint Hills Second Corpus Christi Flare Event in 4 Days

Flint Hills Resources reported Tuesday (5/27) a 24-hour flaring at the West Plant of its 269,500 bpd Corpus Christi West Refinery, the second such event in four days at the plant in Corpus Christi, Texas.

In a filing with the Texas Commission on Environmental Quality, Flint Hills said the latest event began at 2:20 a.m. CT Tuesday (5/27) and was scheduled to end at 2:20 a.m. CT Wednesday (5/28).

According to the filing, intermittent flaring occurred from the refinery’s first- and second-stage flare systems. Estimated emissions included approximately 18,500 pounds of sulfur dioxide, 10,000 pounds of propylene, 5,800 pounds of carbon monoxide, 5,750 pounds of butanes, 5,630 pounds of pentanes, 1,780 pounds of flare gas and 1,700 pounds of butenes, among other hydrocarbon compounds.

The company said personnel initiated measures to assess and minimize emissions following the incident. Flint Hills also said handheld fenceline monitoring detected maximum readings of 11 ppm VOC, 0.5 ppm hydrogen sulfide and 1.7 ppm benzene, while sulfur dioxide and carbon monoxide readings remained at zero.

The refinery primarily produces jet fuel, diesel, and gasoline.

DTN reached out to Flint Hills Resources for additional details but did not get an immediate response.