MARKETWIRE ALERTS

MARKETWIRE ALERTS 

MarketWire Afternoon News for January 6th:

Updated at 5:00 PM ET 

HEADLINES:

— LA Jet Fuel Basis Reaches 3-Year Highs Amid Tight Supplies

— API: U.S. Crude Stocks Slip; Gasoline, Distillates Build

— PBF Pushes Martinez Refinery Restart to March

— EIA: U.S. Retail Diesel Prices Down 2.3cts on Week

— EIA: U.S. Retail Gasoline Prices Fall 7th Straight Week

NEWS:

LA Jet Fuel Basis Reaches 3-Year Highs Amid Tight Supplies

Los Angeles jet fuel basis has hit a three-year high starting January driven by tight supplies, according to traders. Los Angeles jet fuel basis traded at a 75cts premium against the NYMEX RBOB futures contract for February delivery on Tuesday (1/6), unchanged from the prior trading session.

This is the highest levels since September 22, 2022, when it traded at an 80cts premium to October RBOB futures.

 Jet fuel prices for the Los Angeles region started its upward trend on Friday (1/2) after a trade was reported at a 25cts premium over the front-month RBOB futures contract.

 Traders said the price increase has been driven by seasonal demand dynamics that typically tighten availability in Southern California.

API: U.S. Crude Stocks Slip; Gasoline, Distillates Build

U.S. crude oil stockpiles declined last week after two consecutive weeks of builds while gasoline and distillate inventories continued to build, according to inventory data released by the American Petroleum Institute (API) on Tuesday (1/6).

U.S. commercial crude oil stocks fell by 2.8 million bbl during the week ended January 2, after prior back-to-back increases of 1.7 million and 2.4 million bbl, the API data showed.

The crude inventory decline for the profiled week, however, contrasted with a 700,000 bbl rise at the Cushing, Oklahoma, delivery point for NYMEX West Texas Intermediate futures.

Gasoline inventories surged by 4.4 million bbl, adding to the 6.2 million bbl from the prior week.

Distillate fuel oil stocks climbed by 4.9 million bbl, extending the previous 1 million bbl increas

PBF Pushes Martinez Refinery Restart to March

PBF Energy announced it is planning to restart operation at its 157,000 bpd Martinez, California, refinery at the beginning of March, according to a company statement. 

“PBF previously projected a year-end 2025 restart,” the operator said on Friday (1/2). 

The refinery was damaged by a fire on February 1, last year. The restart of the facility was planned in two stages, with certain units, including the crude unit, expected to restart early in the second quarter of 2025. The restart of the remaining units, primarily those scheduled for turnaround in the first quarter, was expected by the fourth quarter. However, this timeline has now been revised, with the restart rescheduled to begin in March this year. 

According to the statement — which is part of the company’s 2026 Annual Guidance — the Martinez refinery has been operating in the 85,000 to 105,000 bpd range since the second quarter of 2025. PFB expects to reach a throughput of 280,000-300,000 bpd in the West Coast during 2026. 

“The commissioning phase of utility systems and certain idled equipment has commenced, and a phased restart of the refinery will progress as work is completed, and the quality assurance and control process is completed,” the company stated. 

PBF said Martinez refinery repair costs are expected to be largely covered by insurance, subject to deductibles and retentions totaling $30 million.

EIA: U.S. Retail Diesel Prices Down 2.3cts on Week

SECAUCUS, NJ (DTN) – The national average weekly price for retail diesel fuel fell by 2.3cts as of Monday (1/5) amid continued declines in all U.S. regions that defied freezing temperatures that usually result in greater demand for distillates-based heating, pricing data released Tuesday (1/6) by the Energy Information Administration (EIA) showed.

The national average for retail diesel fuel stood at $3.477 gallon, after its fifth straight weekly decline. The national average was also down 8.4 cts year-on-year, although regions such as New England and Lower Atlantic, which are subsets of PADD 1, showed higher pricing compared with a year earlier.

Lower diesel supply versus 2024 has kept year-on-year prices supported in some cases despite weekly drops. Freezing temperatures have also limited the downside in diesel prices, a proxy for heating oil.

In East Coast (PADD 1), average diesel prices moved lower by 1.5cts to $3.630 gallon as of January 5, and 0.4cts below the same period last year.

Weekly diesel prices in New England (PADD 1A) fell by 1.1cts to $4.024 gallon, while staying up by 25.3cts year-over-year, in a region more directly exposed to winter heating demand that draws from the distillate pool.

In the Central Atlantic (PADD 1B), diesel slipped by 0.3cts to $3.872 gallon, while standing 0.71cts higher on the year.

In the Lower Atlantic (PADD 1C) – where milder temperatures limited winter-driven demand, diesel fell by 2cts to $3.502 gallon, and 5.7cts year-over-year.

In the Midwest (PADD 2), diesel prices dropped by 3.7cts to $3.387 gallon during the week ended January 5. Midwest diesel stood 14.3cts lower than the same week last year.

In the Gulf Coast (PADD 3), weekly average diesel prices declined by 1.2cts to $3.172 gallon, and 9.7cts below levels from a year earlier, supported by ample refining capacity and steady supply.

In the Rocky Mountain region (PADD 4), diesel dropped by 1.1cts to $3.222 gallon, posting the largest weekly declines among all PADD regions. PADD 4 diesel was also 20.8cts below the same period last year.

In the West Coast (PADD 5), weekly average diesel prices fell by 2.8cts to $4.128 gallon, while marking a 1.9cts year-over-year drop.

Diesel prices at West Coast less California decreased by 3.6cts to $3.683 gallon last week. Year-on-year, it was down by 5.6cts.

California diesel prices declined by 1.9cts to $4.641 gallon on the week but stood 2.3cts higher on the year, reflecting both seasonal demand and ongoing supply constraints.

EIA: U.S. Retail Gasoline Prices Fall 7th Straight Week

The national average for retail regular gasoline declined for a seventh consecutive week in the week ended January 5, as prices continued to ease during what is typically considered the seasonal low point for U.S. driving demand, data from the Energy Information Administration reported Tuesday (1/6).

The U.S. average for regular gasoline fell by 1.5cts to $2.796 gallon last week, extending the  downtrend and leaving prices 25.1cts lower than the same week last year, the EIA’s weekly update on fuel pricing showed.

East Coast (PADD 1) gasoline slipped by 0.3ct to $2.778 gallon in the week ended January 5, 21.2cts down compared to the same period last year.

Within the East Coast, New England (PADD 1A) prices decreased by 1.9cts to $2.848 gallon week-over-week and were 11.8cts lower year-over-year.

Central Atlantic (PADD 1B) gasoline prices dropped by 1.9cts to $2.920 gallon last week, 20.2cts under last year’s level.

Lower Atlantic (PADD 1C) gasoline prices edged up by 1ct to $2.672 gallon in the profiled week but remained 24cts less than the previous year.

Midwest (PADD 2) prices declined by 2.1cts to $2.585 gallon, reflecting continued seasonal softness and sitting 35.3cts below the same period last year.

Prices for the same product in the Gulf Coast (PADD 3) fell by 1.8cts to $2.372 gallon, a 28.3cts decline from last year.

Rocky Mountain (PADD 4) gasoline dropped by 3.1cts to $2.403 gallon in the reference week, 49.6cts weaker year-over-year.

West Coast (PADD 5) gasoline prices slid by 2.3cts to $3.708 gallon, 8.5cts lower than the corresponding week last year.

Gasoline prices on the West Coast less California decreased by 3.9cts to $3.343 gallon in the reference week and were 5.6cts lower year-over-year.