MARKETWIRE ALERTS

MARKETWIRE ALERTS 

MarketWire Afternoon News for December 2nd

Updated at 5:00 PM ET 

HEADLINES:

— API: U.S. Crude Up Last Week, With Gasoline and Distillates

— PNW Sub-Octane Regular & Premium Basis Drop 10cts

— U.S. to Amend Fuel Rules to Lower Gasoline Car Prices

— EIA: U.S. Retail Gasoline Average Falls 7.6cts on Week

— EIA: U.S. Retail Diesel Prices Down 7.3cts on Week

NEWS:

API: U.S. Crude Up Last Week, With Gasoline and Distillates

U.S. crude oil inventories climbed last week, reversing the prior week’s decline, while stockpiles of gasoline and distillates rose too, according to American Petroleum Institute (API) data released late Tuesday (12/2). 

U.S. commercial crude oil stocks increased by 2.48 million bbl during the week ended November 28, according to API data. The build follows the prior weekly decline of 1.9 million bbl reported by API.

The crude gain for the profiled week contrasts with a 890,000-bbl drop at the Cushing, Oklahoma delivery point for NYMEX West Texas Intermediate futures. The decline at Cushing adds to the prior weekly deficit of 300,000 bbl at the hub.

Gasoline inventories rose by 3.1 million bbl, following a 500,000-bbl build the prior week.

Distillate fuel oil stocks surged by 2.88 million bbl, after the previous weekly rise of 800,000 bbl.

PNW Sub-Octane Regular & Premium Basis Drop 10cts

December Pacific Northwest sub-octane regular and premium basis both tumbled by 15cts on Tuesday (11/2) hitting a one-year low driven by lower offers and weak demand.

Offers for December PNW sub-octane regular were reported at minus 10cts, moving the basis to a 10.5cts discount to January NYMEX RBOB futures. This was the lowest since December 23, 2024 when it was at minus 9.5ct.

Offers for PNW sub-octane premium were reported at plus 20cts, moving the basis to a 19.5cts premium over December NYMEX RBOB futures. Lowest since November 17 2025, when PNW sub-octane premium were at a 15.5ct premium to December futures.

Confirmation of trades done at those levels were not available at the time of publication.

Market sources said the declines reflect typical winter season demand softness across the Pacific Northwest rack and spot markets.

U.S. to Amend Fuel Rules to Lower Gasoline Car Prices

The Trump administration is expected to announce new fuel efficiency standards for automobiles in a bid to lower prices for new cars in the U.S., media reports said Tuesday (12/2).

The announcement, expected to be made at the White House on Wednesday (12/3), will ease the mileage regulations that the administration has criticized for driving up the cost of new gasoline-powered cars by factoring in the sales of electric vehicles (EVs).

U.S. President Donald Trump, on his first day back in office in January, directed the elimination of subsidies and all other federal measures supporting EVs.

In a coordinated effort, the administration and the Republican-controlled Congress have also eliminated federal tax credits for EV purchasers and acted to rescind California’s ability to set its own strict emissions limits.

These replaced rules would have ultimately compelled automakers to achieve an overall fleet average of approximately 50 miles per gallon across all their 2031 model year vehicles, and Congress has eliminated the civil penalties for noncompliance.

EIA: U.S. Retail Gasoline Average Falls 7.6cts on Week

The national average for retail regular gasoline declined in the week ended December 1, with weakness across all U.S. regions, data from the Energy Information Administration showed Tuesday (12/2).

The U.S. average for regular gasoline fell by 7.6cts to $2.985 gallon last week, while standing 4.9cts lower compared to the same week last year, the EIA’s weekly update on fuel pricing showed.

East Coast (PADD 1) gasoline dropped 5.4cts to $2.931 gallon in the week ended December 1, while sitting 5.8cts lower than the same period last year.

Within the East Coast, New England (PADD 1A) decreased 2.5cts to $2.971 gallon week over week and was down 4.1cts year-on-year.

Central Atlantic (PADD 1B) gasoline prices declined 3.6cts to $3.086 gallon last week, while standing 3.4cts lower than the same week of last year.

Lower Atlantic (PADD 1C) gasoline prices fell 7.2cts to $2.824 gallon in the profiled week, and were 7.6cts lower than year-ago levels.

Midwest (PADD 2) prices dropped 11.8cts to $2.74 gallon last week, standing 16.2cts below the same period of the previous year.

Prices for the same product at the Gulf Coast (PADD 3) fell 9.2cts to $2.551 gallon, standing 3cts lower than last year.

Rocky Mountain (PADD 4) gasoline fell 8.9cts to $2.783 gallon, remaining 4cts below year-ago levels.

West Coast (PADD 5) gasoline prices declined 3.9cts to $4.031 gallon, but stood 16.8cts above the corresponding week of last year.

Gasoline prices at West Coast less California fell 3cts to $3.672 gallon, while standing 15.1cts higher year-on-year.

EIA: U.S. Retail Diesel Prices Down 7.3cts on Week

The national average price for retail diesel fuel fell by 7.3cts as of Monday (12/01) as decreases in all U.S. regions extended last week’s decline, according to pricing data from the Energy Information Administration (EIA) released Tuesday (12/02).

The national average for retail diesel fuel was at $3.758 gallon last week, standing 21.8cts higher than the same period a year earlier, EIA data showed.

In the Midwest (PADD 2), diesel prices dropped by 9.5cts to $3.755 gallon in the week ended December 1, posting the largest weekly decline among all PADD regions, while standing 23.4cts higher than the same week last year.

The East Coast (PADD 1) saw average diesel prices move lower by 7.7cts to $3.785 gallon as of December 1, while staying 18.8cts above the same period last year.

On the East Coast as well, weekly diesel prices in New England (PADD 1A) eased by 0.8cts to $4.049 gallon, while staying up 27.6cts year on year.

In the Central Atlantic (PADD 1B), diesel slipped by 2.8cts to $3.982 gallon, while being 18.9cts higher on the year. In the Lower Atlantic (PADD 1C), it fell by 10.2cts to $3.687 gallon and was up by 18cts year on year.

In the Gulf Coast (PADD 3), weekly average diesel prices declined by 4.4cts to $3.415 gallon, while holding 18.8cts above levels from a year earlier.

The Rocky Mountain region (PADD 4) dropped by 5.8cts to $3.665 gallon, while remaining 23.4cts above the same period last year.

West Coast (PADD 5) weekly average diesel prices fell by 7.3cts to $4.441 gallon, marking a 27.7cts year on year rise.

Diesel prices at West Coast less California decreased by 8.2cts to $4.026 gallon last week, while being 28.7cts above levels from a year earlier.

California retail diesel prices declined by 6.4cts to $4.919 gallon on the week but stood 26.7cts higher year on year.