MARKETWIRE ALERTS

MARKETWIRE ALERTS 

MarketWire Afternoon News for October 30^th

Updated at 5:00 PM ET 

HEADLINES:

— IATA: Passenger Demand Growth Rose 3.6% in September

— PBF Declares Dividend, Advances Martinez Refinery Recovery

— PBF Energy’s Q3 Refinery Output Below 3Q24, Margin Up

— CEC: California Gasoline Stocks See 574Kb Weekly Draw

— EIA reports 74 Bcf Injection into US NatGas Storage Last Wk

— Shell’s Q3 Global Refining Margin Rose Versus Q2

— CEC: California Diesel Stocks Climb 66K Bbl W-o-W

NEWS:

IATA: Passenger Demand Growth Rose 3.6% in September

The International Air Transport Association released on Thursday (10/30) data for September showing total global passenger demand, measured in revenue passenger kilometers, rose 3.6% from a year ago.

Total capacity, measured in available seat kilometers, increased 3.7% year-over-year. The September load factor was 83.4%, down 0.1 percentage point from last year.

International demand rose 5.1% year-on-year, with capacity up 5.2% for the period. The load factor here was 83.6%, lower by 0.1 percentage point from a year ago.

Domestic demand grew 0.9% from the prior September, with capacity up 1.1%. The domestic load factor for September this year was 83% — down 0.1 percentage point from the previous year.

Willie Walsh, IATA’s Director General, noted that strong international demand was the primary engine for overall air travel growth in September, accounting for 90% of the 3.6% increase.

While capacity expansion outpaced demand growth, passenger demand remained high, with load factors holding strong at 83.4%.

“With November flight schedules indicating a 3% expansion on the previous year, airlines are gearing up for continued growth into the year-end holiday season,” Walsh added. “This is despite the severe constraints of unresolved supply chain issues.”

PBF Declares Dividend, Advances Martinez Refinery Recovery

PBF Energy Inc. announced Thursday (10/30), it will pay a $0.275 per share quarterly dividend on November 26, 2025, to shareholders of record as of November 14, the company said in a press release, underscoring confidence in its financial position as it continues rebuilding efforts at its Martinez refinery.

Following the February 1 fire at the facility, limited operations resumed in the second quarter, with throughput expected between 85,000 and 105,000 bpd until full operations restart by year-end 2025, according to the release. Most repair costs will be covered by insurance, aside from a $30 million deductible, the company said. So far, PBF has received $500 million in insurance reimbursements, and the claims process remains ongoing, PBF said.

The company also announced it completed the sale of two non-core terminal assets in Philadelphia, PA, and Knoxville, TN, for $175.4 million. The assets included 38 storage tanks with about 1.9 million bbl of capacity, part of the company’s plan to streamline operations, according to the release.

Looking ahead, PBF reaffirmed its Reliability-Based Improvement (RBI) initiative aimed at generating over $230 million in annualized savings by 2025, growing to more than $350 million by 2026, the company said. PBF said it reported $482 million in cash and $2.4 billion in total debt at quarter-end, maintaining capital expenditure guidance of $750–$775 million, excluding Martinez restoration costs.

The dividend announcement and steady progress at Martinez reflect PBF’s continued focus on operational recovery, efficiency, and long-term shareholder value, according to the company.

PBF Energy’s Q3 Refinery Output Below 3Q24, Margin Up

PBF Energy reported third quarter refinery production at 876,200, down from 945.4 bpd reported in the same quarter of last year. Gross refining margin in the third quarter was $9 bbl, up from $6.79 bbl reported in the same period of 2024.

Broken down by region in the current quarter, company eyes throughput at its East Coast refineries at 320,000 to 340,000 bpd; 140,000 to 150,000 bpd in the Midcontinent; 170,000 to 180,000 bpd at its Gulf Coast facilities, and 230,000 to 240,000 bpd along the West Coast.

PBF expects third quarter total refinery throughput to be in the 860,000 to 910,000 bpd range in the third quarter, with full year refining system throughput seen in the 915,000 to 975,00 bpd range.

Additionally, PBF reported its St. Bernard Renewables joint venture with Eni Sustainable Mobility averaged nearly 15,400 bpd of renewable diesel production in the third quarter. Renewable diesel production for the fourth quarter is expected to average approximately 16,000 to 18,000 barrels per day.

CEC: California Gasoline Stocks See 574Kb Weekly Draw

California gasoline inventories fell in the week ending October 24, led by sharp drawdowns in Southern California, according to the California Energy Commission’s Weekly Fuels Report released Thursday (October 30).
Statewide gasoline stocks, including CARB reformulated, non-California, and blending components, fell by 574,000 bbl to 10.806 million bbl, up 11% year over year.
Southern California saw the largest movement last week, with total gasoline inventories dropping by 748,000 bbl to 5.714 million bbl. CARB reformulated gasoline in the region fell by 157,000 bbl to 2.485 million bbl. Non-California gasoline plunged by 197,000 bbl to 596,000 bbl. Blending component stocks dropped by 394,000 bbl to 2.633 million bbl, marking a broad decline across categories.
Northern California gasoline inventories, meanwhile, climbed by 174,000 bbl to 5.092 million bbl week-over-week , with strong increases in blending components offsetting small CARB reformulated declines. Northern CARB gasoline fell by 116,000 bbl to 2.731 million bbl. Non-California gasoline rose by 115,000 bbl to 487,000 bbl. Gasoline blending components climbed by 175,000 bbl to 1.874 million bbl.
Statewide gasoline production decreased by 74,000 bbl to 5.131 million bbl in the week ending October 24, down 18% year over year. Southern California led the decline, with total production climbing slightly by 134,000 bbl to 3.464 million bbl, but still down 18% annually. Southern CARB gasoline production increased by 169,000 bbl to 3.218 million bbl. Non-California gasoline dropped by 35,000 bbl to 246,000 bbl.
Northern California gasoline production declined by 208,000 bbl to 1.667 million bbl, marking a 17% annual decrease. Northern CARB output fell by 269,000 bbl to 1.496 million bbl, while non-California gasoline rose by 61,000 bbl to 171,000 bbl.

EIA reports 74 Bcf Injection into US NatGas Storage Last Wk

Energy Information Administration data released on Thursday (10/30) show a 74 billion cubic feet injection into U.S. natural gas storage to 3.882 trillion cubic feet in the week ended October 24.
Natural gas in U.S. storage is 0.8% higher than last year and 4.6% above the five-year average of 3.711 Tcf.
Regionally, EIA reports the East registered a 14 Bcf injection to 913 Bcf, 0.4% less than a year ago and 1.4% higher than the five-year average.
Natural gas in storage in the Midwest increased 25 Bcf week-on-week to 1085 Bcf, a 1.7% deficit compared to the same week a year ago and 0.6% higher than the five-year average.
Mountain region natural gas in storage increased 4 Bcf, down 1.7% year-on-year to 19.2% above the five-year average.
South Central storage rose 27 Bcf to 1282 Bcf, 3.8% more than in the same week last year and 6% above the five-year average.

Shell’s Q3 Global Refining Margin Rose Versus Q2

Shell reported Thursday (10/30) third quarter adjusted earnings of $5.4 billion for this year, up 27%  from $ 4.3 billion in the second quarter, driven by strong performance in deepwater assets in the Gulf of America and Brazil.

Shell’s global indicative refining margin rose to $11.6 bbl in the third quarter from $8.9 bbl in the second quarter as a result of slightly lower utilization in the reference period. 

Refinery utilization for the quarter profiled was 96% versus 94% in the prior quarter and with fourth quarter utilization seen at 87% to 95%.

Trading and optimization were higher in the quarter profiled than in the second quarter of this year. Chemicals and products reported adjusted earnings at $550 million and adjusted EBITDA of $1.7 billion for the third quarter.

Shell reported third quarter upstream production at 1.8 million boepd above 1.7 million boepd in the second quarter, with fourth quarter production projected at 1.77 million – 1.97 million boepd.

CEC: California Diesel Stocks Climb 66K Bbl W-o-W

California diesel inventories edged higher in the week ending October 24, driven by increased supplies in Northern California, according to data from the California Energy Commission’s Weekly Fuels Report released Thursday (October 30).
Statewide diesel stocks, including CARB and other grades, climbed by 66,000 bbl to 2.789 million bbl from 2.723 million bbl, up 19% year over year.
Northern California saw the largest movement, with total diesel inventories climbing by 215,000 bbl to 1.347 million bbl from 1.132 million bbl, reflecting a strong regional build. Northern CARB diesel rose by 212,000 bbl to 990,000 bbl from 778,000 bbl, while other diesel increased slightly by 3,000 bbl to 357,000 bbl from 354,000 bbl.
Southern California diesel inventories, by contrast, fell by 149,000 bbl to 1.442 million bbl from 1.591 million bbl, though still down 2% year over year. CARB diesel in the south dropped by 151,000 bbl to 684,000 bbl from 835,000 bbl, while other diesel inched higher by 2,000 bbl to 758,000 bbl from 756,000 bbl.
Statewide diesel production climbed by 158,000 bbl to 1.497 million bbl from 1.339 million bbl, up 3% year over year. Southern California led the rise in output, with total diesel production climbing by 141,000 bbl to 954,000 bbl from 813,000 bbl, although still down 13% year on year. Southern CARB diesel output rose by 117,000 bbl to 534,000 bbl from 417,000 bbl, while other diesel increased by 24,000 bbl to 420,000 bbl from 396,000 bbl.
Northern California diesel production increased by 17,000 bbl to 543,000 bbl from 526,000 bbl, surging 50% year over year. Northern CARB diesel output rose by 7,000 bbl to 403,000 bbl from 396,000 bbl, and other diesel climbed by 10,000 bbl to 140,000 bbl from 130,000 bbl.