MARKETWIRE ALERTS

MARKETWIRE ALERTS 

MarketWire Afternoon News for October 29^th

Updated at 5:00 PM ET 

HEADLINES:

— U.S. Fed Makes 2^nd Qtr Pct Point Rate Cut for This Year

— EIA: PADD 1 Gasoline Stocks Drop 1.8M Bbl W-o-W

— EIA: PADD 2 Gasoline Stocks Slip 2.4M Bbl W-o-W

— EIA: Propane/Propylene Stockpiles Rise 4.9% Y-oY

— U.S. Ethanol Output Dips on Year, Stocks Jump 1.6%

— Gulf Coast Gasoline Stocks Fall to 78.4M Bbl

— EIA: PADD 5 Gasoline Stocks Fall to 28.3M Bbl

— EIA: U.S. Crude Dips 6.8M Bbl W-o-W; Fuel Stocks Down

NEWS:

U.S. Fed Makes 2^nd Qtr Pct Point Rate Cut for This Year

The Federal Reserve announced on Wednesday (10/29) a second straight quarter-percentage point cut in U.S. interest rates aimed at bolstering a flagging jobs market.

“Job gains have slowed this year, and the unemployment rate has edged up. In support of its goals and in light of the shift in the balance of risks, the Committee decided to lower the target range for the federal funds rate by 1/4 percentage point,” the Fed’s policy-making Federal Open Market Committee (FOMC) said in a statement.

It was the Fed’s second-rate reduction after the September 17 cut of another quarter-percentage point and brought key U.S. lending rates down to a range of between 3.75% and 4%.

U.S. unemployment ticked up to a near four-year high of 4.3% in September.  Following Wednesday’s rate decision, the FOMC has another 10 policy meetings between now and the end of 2026 to adjust rates.

EIA: PADD 1 Gasoline Stocks Drop 1.8M Bbl W-o-W

East Coast PADD 1 gasoline and distillate inventories declined during the week ending October 24, while jet fuel and crude oil stocks increased, U.S. Energy Information Administration data released Wednesday (10/29) showed.

PADD 1 gasoline stocks fell by 1.8 million bbl to 53.5 million bbl in the profiled week, and were 1.3 million bbl lower than the level recorded in the same week last year. Gasoline imports increased to 293,000 bpd from 289,000 bpd the prior week, compared with 400,000 bpd in the same week last year.

PADD 1 distillate inventories declined by 1.3 million bbl to 25.5 million bbl in the reference week, down from 32.1 million bbl in the same week last year. The region reported no distillate imports, unchanged from the prior week and the same week last year.

East Coast jet fuel inventories rose by 1.3 million bbl last week to 9.7 million bbl and were 600,000 bbl lower than the volume reported in the same week last year. The region continued to report zero imports for jet fuel on both a weekly and year-over-year basis.

Crude oil inventories in PADD 1 increased by 500,000 bbl to 8.1 million bbl in the week ending October 24, compared with the 8 million bbl reported during the same week last year.

EIA: PADD 2 Gasoline Stocks Slip 2.4M Bbl W-o-W

Midwest PADD 2 gasoline, distillate, and jet fuel inventories declined during the week ending October 24, while crude oil stocks posted a build, U.S. Energy Information Administration data released Wednesday (10/29) showed.

PADD 2 gasoline stocks fell by 2.4 million bbl to 43.4 million bbl in the profiled week, and were 1 million bbl lower from the level recorded in the same week last year. Gasoline imports increased slightly to 21,000 bpd from 18,000 bpd the prior week, compared with 3,000 bpd in the same week last year.

PADD 2 distillate inventories declined by 2.3 million bbl to 25 million bbl in the reference week, below the 26.4 million bbl recorded in the same week last year. The region reported no distillate imports, unchanged from the prior week and the same week last year.

Midwest jet fuel inventories decreased by 900,000 bbl last week to 6.7 million bbl. That was 400,000 bbl lower from the volume reported in the same week last year. The region continued to report zero imports of jet fuel on both a weekly and year-over-year basis.

Crude oil inventories in PADD 2 rose by 2.1 million bbl to 103.7 million bbl in the week ending October 24, compared with 105.6 million bbl reported during the same week last year.

EIA: Propane/Propylene Stockpiles Rise 4.9% Y-oY

The Energy Information Administration reported on Wednesday (10/29) total domestic propane/propylene stocks of 105.681 million bbl in the week ending October 24, up 2.506 million bbl week-on-week and 5.172 million bbl, or 4.9% higher than in the same week last year.
Data show propane/propylene exports last week averaged 1.649 million bpd, down 243,000 bpd week-on-week and 640,000 bpd, or 38.8%, lower than in the same week last year.
Implied demand for propane/propylene in the United States averaged 964,000 bpd, up 50,000 bpd week-on-week and 254,000 bpd, or 26.3% higher than in the same week last year.
EIA reports domestic propane/propylene production averaged 2.858 million bpd, up 18,000 bpd week-on-week and 115,000 bpd, or 4% higher than in the same week last year.
East Coast PADD 1 inventories ended the week at 9.347 million bbl, up 503,000 bbl week-on-week and 941,000 bbl, or 10.1% higher than in the same week last year.
Midwest PADD 2 inventories ended the week at 28.196 million bbl, up 237,000 bbl week-on-week and 708,000 bbl, or 2.5% lower than in the same week last year.
Gulf Coast PADD 3 inventories ended the week at 62.592 million bbl, up 1.667 million bbl week-on-week and 5.506 million bbl, or 8.8% 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 5.545 million bbl, up 97,000 bbl week-on-week and 569,000 bbl, or 10.3% lower than in the same week last year.

U.S. Ethanol Output Dips on Year, Stocks Jump 1.6%

The Energy Information Administration reported Wednesday (10/29) overall ethanol production in the United States averaged 1.091 million bpd, in the week ended October 24, down 21,000 bpd from the prior week  and 14,000 bpd, or 1.3% lower than in the same week last year.

The four-week average output at 1.097 million bpd was 20,000 bpd above the same four weeks last year.
Midwest ethanol production averaged 1.036 million bpd, down 15,000 bpd week-on-week and 6,000 bpd, or 0.6% lower than in the same week last year. Four-week average output at 1.038 million bpd was 22,000 bpd above the same four weeks last year.
Ethanol blending activity in the U.S. averaged 911,000 bpd, down 0,000 bpd week-on-week and 7,000 bpd, or 0.8% lower than in the same week last year. Four-week average blendind demand at 913,000 bpd was 4,000 bpd below the same four weeks last year.
Blender inputs at the East Coast were up 4,000 bpd on the week while inputs in the Midwest were down 4,000 bpd, down 1,000 bpd on the Gulf Coast and up 3,000 bpd on the West Coast.
Domestic ethanol inventories ended the week at 22.367 million bbl, up 448,000 bbl week-on-week and 347,000 bbl, or 1.6% higher than in the same week last year.
East Coast PADD 1 inventories ended the week at 6.387 million bbl, up 4,000 bbl week-on-week and 479,000 bbl, or 7.5% lower than in the same week last year.
Midwest PADD 2 inventories ended the week at 8.797 million bbl, down 17,000 bbl week-on-week and 139,000 bbl, or 1.6% higher than in the same week last year.
Gulf Coast PADD 3 inventories ended the week at 4.147 million bbl, up 209,000 bbl week-on-week and 82,000 bbl, or 2% higher than in the same week the prior year.
West Coast PADD 5 inventories ended the week at 2.672 million bbl, up 256,000 bbl week-on-week and 597,000 bbl, or 22.3% higher than in the same week last year.

Gulf Coast Gasoline Stocks Fall to 78.4M Bbl

Gulf Coast PADD 3 gasoline inventories declined in the week ending October 24, while crude oil and jet fuel stocks also dropped, according to U.S. Energy Information Administration data released Wednesday (10/29). Distillate inventories climbed modestly on the week.

Gasoline inventories fell by 600,000 bbl to 78.4 million bbl, from 79 million bbl. Stocks were 700,000 bbl below the 79.1 million bbl recorded in the same week last year. Gasoline imports climbed by 4,000 bpd to 18,000 bpd, compared with 13,000 bpd this time last year.

Distillate inventories climbed by 600,000 bbl to 45.7 million bbl from 45.1 million bbl. Stocks were 4.9 million bbl above the 40.8 million bbl held in the corresponding week of last year. Distillate imports held at zero bpd for a second week and were flat from the same week last year.

Crude oil inventories fell sharply by 10 million bbl to 234.3 million bbl from 244.3 million bbl. Stocks were 7.3 million bbl lower than the 241.6 million bbl recorded a year ago. Crude oil imports dropped by 477,000 bpd to 597,000 bpd, compared with 1.1 million bpd during the same week of last year.

Jet fuel inventories fell by 1.4 million bbl to 12.7 million bbl from 14.1 million bbl. Stocks were 2.2 million bbl lower than the 14.9 million bbl reported in the same period a year ago. Jet fuel imports held at zero bpd for the week, unchanged from the prior week and the same time last year.

EIA: PADD 5 Gasoline Stocks Fall to 28.3M Bbl

West Coast PADD 5 gasoline inventories fell in the week ending October 24, while distillate, crude, and jet fuel stocks all declined as well, according to U.S. Energy Information Administration data released Wednesday (10/29).
Gasoline inventories fell by 1.2 million bbl to 28.3 million bbl from 29.5 million bbl. Stocks were 2.2 million bbl above the 26.1 million bbl recorded in the same week last year. Gasoline imports fell by 49,000 bpd to 135,000 bpd, compared with 79,000 bpd a year ago.
Distillate inventories fell by 200,000 bbl to 12.5 million bbl from 12.7 million bbl. Stocks were 2.1 million bbl higher than the 10.4 million bbl seen last year. Distillate imports fell by 18,000 bpd to 15,000 bpd from 33,000 bpd, compared with 12,000 bpd in the same week of 2024.
Crude oil inventories climbed by 700,000 bbl to 46.5 million bbl from 45.8 million bbl. Stocks were 1.6 million bbl lower than the 48.1 million bbl reported last year, EIA data showed.
Jet fuel inventories fell by 400,000 bbl to 11.6 million bbl from 12.0 million bbl. Stocks were 1.4 million bbl higher than the 10.2 million bbl reported a year earlier. Jet fuel imports climbed by 26,000 bpd to 93,000 bpd from 67,000 bpd, compared with 59,000 bpd this time last year.

EIA: U.S. Crude Dips 6.8M Bbl W-o-W; Fuel Stocks Down

U.S. commercial crude oil inventories fell for the second consecutive week during the week ended October 24, with gasoline and distillate fuel oil stocks declining as well, the Energy Information Administration reported Wednesday (10/29).

Commercial crude stocks decreased by 6.8 million bbl to 416 million bbl, following last week’s 1 million bbl drop. Inventories are now 9.5 million bbl, or 2.2%, below levels last year.

Stocks at Cushing, Oklahoma, the delivery point for NYMEX West Texas Intermediate futures, rose by 1.4 million bbl to 22.6 million bbl, marking the first build in five weeks.

Distillate fuel oil inventories declined by 3.4 million bbl to 112.2 million bbl, after posting a 1.4 million bbl draw the prior week. Stocks are now 700,000 bbl above the same period last year, with most of the draw occurring in low-sulfur grades.

Total motor gasoline inventories fell by 6 million bbl to 210.7 million bbl, following a 2.1-million bbl decline the prior week. Blending components accounted for most of the decrease, dropping by 5.5 million bbl to 195.5 million bbl, while conventional gasoline edged up by 500,000 bbl to 15.2 million bbl.

Refinery utilization stood at 88.6% of capacity, unchanged from the prior week and just below 89.5% last year. Crude runs averaged 15.73 million bpd, a drop of 511,000 bpd week-on-week.

Crude exports averaged 4.361 million bpd, up 158.000 bpd from the previous week, while crude imports fell by 867,000 bpd to 5.051 million bpd.

Total products supplied over the last four weeks averaged 21.281 million bpd, up 1.267 million from the same period a year ago. Gasoline demand averaged 8.924 million bpd last week, down by 2.6% year-on-year, while distillate demand averaged 3.58 million bpd, up by 7.8% year-on-year.