MARKETWIRE ALERTS

MARKETWIRE ALERTS 

MarketWire Afternoon News for January 22nd:

Updated at 5:00 PM ET 

HEADLINES:

— Venezuela Debates Oil Overhaul to Protect U.S. Interests

— EIA: PADD 2 Gasoline Stocks Reach 11-Month High Last Week

— EIA: PADD 3 Gasoline Stocks Dip, Hold Near 5-Year High

— EIA: US NatGas Storage Reports 120 Bcf Weekly Withdrawal 

— EIA: PADD 5 Stocks Gasoline Eases From 5-Mo High

— EIA: PADD 1 Distillates Hit 1-Year High as Gasoline Builds

— EIA: Propane/Propylene Stocks See Third Straight Weekly Drop

— EIA: U.S. Ethanol Stocks Climb 11.5% Y-o-Y; Output Falls on Week

— EIA: Crude Stocks Reports 2nd Consecutive Week Build; Products Rise

— API Sets U.S. Frac Iron Safety Standard

— CEC: California Diesel Records Third Straight Weekly Build

— CEC: California Gasoline Stocks Climb 149,000 Bbl on Week

— BEA: US Q3 GDP Up 4.4% on Higher Exports, Investments

NEWS:

Venezuela Debates Oil Overhaul to Protect U.S. Interests

Venezuela’s legislature is debating an oil industry overhaul to attract significant investment from U.S. and other international energy firms following the ouster of President Nicolas Maduro and the installation of an interim administration under White House scrutiny, the Associated Press and other media outlets reported on Thursday (1/22).

Here are the main takeaways of the debate:

• The proposed legislation allows private companies to assume the “comprehensive management of the execution of the activities, at its sole cost, expense and risk,” enabling them to independently operate fields and “directly commercialize” production.
• International arbitration clauses are included in the bill to protect foreign assets from future government seizures, addressing long-standing legal fears held by major U.S. corporations.
• Tax incentives within the bill could slash royalty rates from 30% to 15% for complex projects, making expensive Venezuelan heavy crude ventures more financially attractive.

EIA: PADD 2 Gasoline Stocks Reach 11-Month High Last Week

Midwest (PADD 2) gasoline inventories reached an 11-month high last week as regional supplies continued to outpace seasonal demand. Distillate stocks also increased, while jet fuel inventories edged lower, the Energy Information Administration said in data released Thursday (1/22).

Total motor gasoline inventories in the PADD 2 region increased by 2.4 million bbl to 58.9 million bbl during the week ended January 16. EIA data showed Midwest gasoline supplies reached their highest level since the week ended March 14, 2025, when inventories stood at 60 million bbl, placing current stocks near a 10-month high.

The latest weekly gasoline balance also remained above 56.2 million bbl reported during the same week last year, reflecting continued seasonal demand softness and ample regional supply coverage. Retail prices remained firm  despite the loose inventory structure, with Midwest gasoline averaging $2.648 gallon during the week ended January 19, up 4.4cts on the week but still 33.7cts below the year-ago level.

Regional distillate fuel oil inventories in PADD 2 rose by 1.5 million bbl to 32.2 million bbl during the reported week. Despite the build, stocks remained below the 34.3 million bbl reported during the same week last year, as winter heating demand continued to pressure year-on-year balances. Midwest diesel prices strengthened alongside broader product markets, averaging $3.445 gallon, up 8cts on the week but down 20.3cts from the same period last year.

Jet fuel inventories in the Midwest rose by  200,000 bbl to 7.7 million bbl the prior week but above the 7.5 million bbl reported during the same week last year, indicating adequate supply following earlier seasonal draws.

On the supply side, crude oil imports into the PADD 2 rose by 24,000 bpd to 3.14 million bpd during the week ended January 16,  and it was 33,000 bpd higher than the volume reported the same week last year. Motor gasoline imports into the region dropped by 3,000 bpd to 7,000 bpd week-over- week and were 34,000 bpd down compared to the same week of last year.  Distillate fuel oil and jet fuel imports into PADD 2 remained at zero for the week and on annual basis, EIA data showed.

EIA: PADD 3 Gasoline Stocks Dip, Hold Near 5-Year High

U.S. Gulf Coast (PADD 3) gasoline inventories dipped marginally to stand near five-year highs while jet fuel stocks declined amid a rise in distillates for the week ended January 16, according to Energy Information Administration data released Thursday (10/22).

Motor gasoline inventories in the Gulf Coast region slid by 200,000 bbl to 94.6 million bbl week over week. The prior week’s balance of 94.8 million bbl marked the highest for PADD 3 gasoline stocks since the week ended January 17, 2020. The latest gasoline balance was also well above the 90.8 million bbl stockpile seen for the same week a year earlier.

The region reported gasoline imports of 8,000 bpd last week, versus 2,000 bpd for the prior week. The region continued to report zero imports on both a weekly and year-over-year basis a year earlier.

Jet fuel inventories on the Gulf Coast dipped by 1.2 million bbl to 13.5 million bbl week over week and were 300,000 bbl lower than the same week from previous year.

Distillate fuel oil stocks in PADD 3 rose by 800,000 bbl to 50.7 million bbl during the week ended January 16. This was an increase of 7.1 million bbl compared to the same period a year earlier, the EIA said.

As a net exporter of distillates and jet fuel, PADD 3 does not report imports of those products.

Refining utilization in PADD 3 was at 95.1%, down from the prior week’s 98.6%.

Despite comfortable gasoline supplies reported in PADD 3 in recent weeks, the average retail prices for gasoline in the Gulf Coast rose by 2.2cts to $2.397 per gallon last week, remaining the most competitive value nationwide as the U.S. average was $2.806 per gallon in the same period, according to EIA data released Wednesday(1/22).

Diesel retail prices for PADD 3 climbed by 8.8cts to average $3.248 per gallon last week and were 28.2cts below the nationwide average of $3.530 per gallon, reflecting the large increase in distillate stocks compared to the same period from previous year

EIA: US NatGas Storage Reports 120 Bcf Weekly Withdrawal

Energy Information Administration data released Thursday (1/22) show a 120 billion cubic feet withdrawal into U.S. natural gas storage to 3.065 trillion cubic feet in the week ended January 16.
Natural gas in U.S. storage is 4.8% higher than last year and 6.1% above the five-year average of 2.888 Tcf.
Regionally, EIA reports the East registered a 32 Bcf withdrawal to 632 Bcf, 1.8% more than a year ago and 3.5% lower than the five-year average.
Natural gas in storage in the Midwest decreased 38 Bcf week-on-week to 752 Bcf, a 0.1% deficit compared to the same week a year ago and 4.1% lower than the five-year average.
Mountain region natural gas in storage decreased 9 Bcf, up 4.8% year-on-year to 34.4% above the five-year average.
South Central storage fell 39 Bcf to 1139 Bcf, 8.7% more than in the same week last year and 9.4% above the five-year

EIA: PADD 5 Stocks Gasoline Eases From 5-Mo High

U.S. West Coast (PADD 5) gasoline inventories edged lower, while crude oil stocks climbed and distillate and jet fuel inventories were mostly steady in the week ending January 16, data from the U.S. Department of Energy showed Thursday (1/22).
Gasoline inventories in PADD 5 fell by 100,000 bbl to 31.5 million bbl in the respective week. Despite the slight draw, inventories remained near a five-month high, with stocks at 8.8 million bbl, a level last seen in the week ending March 14, 2025, EIA data showed. Gasoline inventories were 1.4 million bbl above last year. Gasoline imports fell by 26,000 bpd to 20,000 bpd in the reference week.
Distillate fuel oil inventories in the region fell by 100,000 bbl to 11.9 million bbl in the reference week and were 200,000 bbl above last year. Distillate imports climbed by 11,000 bpd to 23,000 bpd.

Crude oil inventories in PADD 5 climbed by 1.4 million bbl to 47.9 million bbl in the week ending January 16 but were 700,000 bbl below last year. Crude oil imports fell by 190,000 bpd to 1.105 million bpd, EIA data showed.
Jet fuel inventories on the West Coast were unchanged at 11.2 million bbl in the reference week and stood 1 million bbl below last year. Its imports fell by 77,000 bpd to 102,000 bpd in the week ending January 16.
On the West Coast, gasoline prices climbed by 0.8ct to $3.657 during the week ending January 19, although they fell 21.4cts on the year, according to EIA data released Wednesday (1/21). The national average for retail regular gasoline, meanwhile, jumped 2.7cts to $2.806 gallon, snapping an eight-week streak of declines.

EIA: PADD 1 Distillates Hit 1-Year High as Gasoline Builds

East Coast (PADD 1) inventories for gasoline and jet fuel increased last week, while distillate stocks climbed to a one year high and crude oil inventories declined modestly in the week ended Jan. 16, according to U.S. Energy Information Administration data released Thursday (1/22).

Regional distillate fuel oil inventories increased by 1.6 million bbl on the week to 33.8 million bbl, the highest level since the week ended Jan. 17, 2025. Despite the recent build, distillate stocks remained below 34.8 million bbl reported during the same period of the previous year, keeping the overall balance relatively tight. Retail diesel prices firmed, with East Coast diesel averaging $3.653 gallon as of Jan. 19, up 4cts on the week but standing 16.7cts below levels seen during the corresponding period of the previous year.

Total motor gasoline inventories in PADD 1 rose by 4.0 million bbl to 63.2 million bbl during the reference week. Stocks moved above 59.2 million bbl reported in the prior week and exceeded the 60.3 million bbl held during the corresponding week of the previous year. Retail gasoline prices also edged higher, with East Coast gasoline averaging $2.763 gallon in the week ended Jan. 19, up 2.2cts on the week and 30.6cts below the comparable period of the previous year.

Jet fuel inventories in the East Coast increased by 200,000 bbl to 9.1 million bbl, compared with 8.9 million bbl the prior week, but remained below the 9.5 million bbl reported during the same week of the previous year, limiting near-term surplus availability.

Crude oil inventories in PADD 1 declined by 300,000 bbl to 6.8 million bbl, down from 7.1 million bbl the previous week and below the 7.8 million bbl recorded during the same period of the previous year. Crude oil imports into the East Coast averaged 788,000 bpd during the reference week, rising from 659,000 bpd in the prior report.

Refined product imports into PADD 1 increased on the week. Motor gasoline imports averaged 381,000 bpd, up from 364,000 bpd in the prior report and above the 312,000 bpd recorded in the corresponding week of the previous year. Distillate fuel oil imports averaged 186,000 bpd, compared with 171,000 bpd the previous week but below the 214,000 bpd seen during the same period as the previous year. Jet fuel imports into the East Coast averaged 71,000 bpd, higher than the 64,000 bpd reported in the prior week but below the 82,000 bpd logged in the comparable week of the previous year.

EIA: Propane/Propylene Stocks See Third Straight Weekly Drop

The Energy Information Administration reported on Wednesday 91/22) total domestic propane/propylene stocks of 93.64 million bbl in the week ending January 16, down 2.074 million bbl week-on-week and 15.789 million bbl, or 20.3% higher than in the same week last year.
Data show propane/propylene exports last week averaged 1.8 million bpd, down 276,000 bpd week-on-week and 61,000 bpd, or 3.3%, lower than in the same week last year.
Implied demand for propane/propylene in the United States averaged 1.516 million bpd, up 199,000 bpd week-on-week and 81,000 bpd, or 5.1% lower than in the same week last year.
EIA reports domestic propane/propylene production averaged 2.859 million bpd, down 32,000 bpd week-on-week and 228,000 bpd, or 8.7% higher than in the same week last year.
East Coast PADD 1 inventories ended the week at 6.061 million bbl, down 267,000 bbl week-on-week and 107,000 bbl, or 1.8% higher than in the same week last year.
Midwest PADD 2 inventories ended the week at 20.937 million bbl, down 1.229 million bbl week-on-week and 183,000 bbl, or 0.9% higher than in the same week last year.
Gulf Coast PADD 3 inventories ended the week at 62.013 million bbl, down 544,000 bbl week-on-week and 15.296 million bbl, or 32.7% 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 4.629 million bbl, down 34,000 bbl week-on-week and 203,000 bbl, or 4.6% higher than in the same week last year.

EIA: U.S. Ethanol Stocks Climb 11.5% Y-o-Y; Output Falls on Week

The Energy Information Administration reported on Wednesday (1/22) that overall ethanol production in the United States averaged 1.119 million bpd, down 77,000 bpd week-on-week and 12,000 bpd, or 1.1% higher than in the same week last year. Four-week average output at 1.119 million bpd was 26,000 bpd above the same four weeks last year.
Midwest ethanol production averaged 1.066 million bpd, down 73,000 bpd week-on-week and 21,000 bpd, or 2% higher than in the same week last year. Four-week average output at 1.062 million bpd was 31,000 bpd above the same four weeks last year.
Ethanol blending activity in the U.S. averaged 852,000 bpd, up 11,000 bpd week-on-week and 68,000 bpd, or 7.4% lower than in the same week last year. Four-week average blending demand at 875,000 bpd was 12,000 bpd below the same four weeks last year.
Blender inputs at the East Coast were up 3,000 bpd on the week while inputs in the Midwest were down 2,000 bpd, up 2,000 bpd on the Gulf Coast and up 7,000 bpd on the West Coast.
Domestic ethanol inventories ended the week at 25.739 million bbl, up 1.266 million bbl week-on-week and 2.665 million bbl, or 11.5% higher than in the same week last year.
East Coast PADD 1 inventories ended the week at 7.313 million bbl, up 492,000 bbl week-on-week and 542,000 bbl, or 8% higher than in the same week last year.
Midwest PADD 2 inventories ended the week at 10.62 million bbl, up 140,000 bbl week-on-week and 1.521 million bbl, or 16.7% higher than in the same week last year.
Gulf Coast PADD 3 inventories ended the week at 4.964 million bbl, up 650,000 bbl week-on-week and 664,000 bbl, or 15.4% higher than in the same week last year.
West Coast PADD 5 inventories ended the week at 2.455 million bbl, down 18,000 bbl week-on-week and 69,000 bbl, or 2.7% lower than in the same week last year.

EIA: Crude Stocks Reports 2nd Consecutive Week Build; Products Rise

U.S. commercial crude oil stocks rose for a second consecutive week last week as gasoline inventories continued their multi-week surge, the Energy Information Administration (EIA) reported Thursday (1/22). Distillates also returned to a build, after a decline in the prior week.

Commercial crude stocks increased by 3.6 million bbl to 426 million during the week ended January 16, adding to the prior week’s increase of 3.3 million, the EIA said in its Weekly Petroleum Status Report.

With the weekly build, U.S. crude inventories stood 14.4 million bbl, or 3.5%, higher than levels a year ago, the report showed.

Crude stockpiles at the Cushing, Oklahoma delivery point for NYMEX West Texas Intermediate futures, climbed by 1.6 million bbl to 25.1 million after the prior week’s addition of 800,000 bbl.

Total motor gasoline inventories increased by 6 million bbl to 257 million during the reference week, adding to the prior week’s surplus of 9 million.

Blending components rose by 5.4 million bbl to 240.7 million, accounting for most of the increase, while conventional gasoline stocks rose by 600,000 bbl to 16.3 million.

Distillate fuel oil inventories climbed by 3.3 million bbl to 132.6 million, after the previous week’s slide of 100,000.

Refinery utilization slipped to 93.3% of operable capacity, from a prior 95.3%. Crude oil inputs into refineries averaged 16.6 million bpd, versus the previous week’s 16.96 million.

Crude oil exports averaged 3.7 million bpd, down by 600,000 bpd from the previous week, while crude imports fell by 645,00 bpd to 6.447 million bpd.

Total products supplied over the last four weeks averaged 19.95 million bpd, down 1.5% from the same period a year earlier. Gasoline demand last week averaged 8.218 million bpd, lower by 0.6% from a year earlier, while distillate demand averaged 3.548 million bpd, down by 1.1% from the same period last year.

API Sets U.S. Frac Iron Safety Standard

The American Petroleum Institute (API) announced Thursday (1/22) it has established a high-pressure frac iron standard to enforce safety in the hydraulic fracturing of U.S. shale oil.

Standard 16FI is a proactive move to standardize equipment design that aims to minimize operational risks and protect workers at well sites, the API said in a news release. It contains prescriptions for high-pressure equipment, including manifolds and pressure-relief devices, used during critical plug-and-perf and ball-drop completion operations in fracking.

As the industry’s primary trade association, the API, which represents nearly 600 corporate members across all segments of the oil and natural gas industry, maintains over 800 operational safety standards. As of last week, there were 410 U.S. rigs drilling for oil.

CEC: California Diesel Records Third Straight Weekly Build

California diesel inventories increased in the week ending January 16, driven by a sharp rise in Southern California stocks, according to the California Energy Commission’s Weekly Fuels Report released Thursday (1/22).
Statewide CARB diesel and other diesel fuel stocks climbed by 305,000 bbl to 3.104 million bbl-week-over- week, 3% lower than the same period last year.
Diesel inventories in Northern California rose by 16,000 bbl to 1.480 million bbl, remaining 20% above year-ago levels.
Northern CARB diesel stocks increased by 4,000 bbl to 1.029 million bbl last week, while Northern other diesel fuel stocks climbed by 12,000 bbl to 451,000 bbl.
Southern California diesel inventories surged by 289,000 bbl to 1.624 million bbl in the week ending January 16, up 6% from last year.
In the same region CARB diesel stocks fell by 69,000 bbl to 760,000 bb, while other diesel fuel stocks jumped by 358,000 bbl to 864,000 bbl.
Statewide diesel production climbed by 181,000 bbl to 1.497 million bbl, 23% higher than 2025 levels.
Diesel output in Southern California increased by 250,000 bbl to 1.131 million bbl on a weekly basis and was up 51% annually.
Southern CARB diesel production climbed by 61,000 bbl to 541,000 bbl, while other diesel fuel production increased by 189,000 bbl to 590,000 bbl during the profiled week.
In Northern California diesel production declined by 69,000 bbl to 366,000 bbl in the reference week, but it was down 22% from last year.
Northern CARB diesel production increased by 48,000 bbl to 228,000 bbl, while Northern other diesel fuel production fell by 117,000 bbl to 138,000 bbl on a weekly basis.

CEC: California Gasoline Stocks Climb 149,000 Bbl on Week

California gasoline inventories increased in the week ending January 16, supported by gains in Northern California that offset a slight decline in the south, according to the California Energy Commission’s Weekly Fuels Report released Thursday (1/22).
Statewide gasoline stocks, including CARB reformulated, non-California, and blending components, climbed by 149,000 bbl to 11.097 million bbl, but are down 1% from last year.
Northern California gasoline inventories rose by 173,000 bbl to 5.718 million bbl, remaining 18% above year ago levels.
Northern CARB reformulated gasoline stocks climbed by 252,000 bbl to 3.723 million bbl. Northern non-California gasoline stocks increased by 108,000 bbl to 277,000 bbl, while Northern blending components declined by 187,000 bbl to 1.718 million bbl.
Southern California gasoline inventories edged lower by 25,000 bbl to 5.379 million bbl, though still 15% below last year.
Southern CARB reformulated gasoline stocks slipped by 73,000 bbl to 2.167 million bbl.
Southern non-California gasoline stocks fell by 18,000 bbl to 513,000 bbl, while Southern blending components increased by 66,000 bbl to 2.699 million bbl.
Statewide gasoline production declined by 117,000 bbl to 5.383 million bbl, but remained 5% higher than last year.
Southern California gasoline production increased by 85,000 bbl to 3.451 million bbl, up 9% annually.
Southern CARB reformulated gasoline production climbed by 120,000 bbl to 3.152 million bbl, while Southern non-California gasoline production declined by 35,000 bbl to 299,000 bbl.
Northern California gasoline production fell by 202,000 bbl to 1.932 million bbl, but remained 3% below last year.
Northern CARB reformulated gasoline production declined by 182,000 bbl to 1.8 million bbl, while Northern non-California gasoline production slipped by 20,000 bbl to 132,000 bbl.

BEA: US Q3 GDP Up 4.4% on Higher Exports, Investments

The U.S. economy expanded at a 4.4% annualized rate in the third quarter, according to data from the Bureau of Economic Analysis (BEA) released Thursday (1/22) that showed resilient consumer spending, investments and high exports. The figure also reflected a drop in imports, which are a subtraction in the calculation of the gross domestic product.

The final figure was revised higher by 0.1 percentage points from the previous estimate on upward revisions to exports and investments.

The surge in real GDP significantly outpaced most economist estimates, underscoring growth momentum despite a record-long federal government shutdown throughout October and the first half of November.

A consensus of forecasts by Wall Street economists had put third-quarter GDP growth at 4.3% year-over-year.

The Atlanta Fed’s GDPNow model, another tracker of economic growth, meanwhile estimates an annualized growth of 5.4% for the fourth quarter.

Policymakers at the Federal Reserve are balancing economic performance against a softening labor market and higher living costs brought on by varying tariffs of between 10% and 100% levied by the Trump administration on imports from most countries.

The U.S. Consumer Price Index grew at an annualized rate of 2.7% in December, in line with Wall Street’s forecasts, but still higher than the Fed’s long-term 2% target. The central bank has signaled that there may be only one rate cut this year due to inflationary concerns, after three reductions of 25 basis points each in 2025.

Yields on the 10-year U.S. Treasury note, a proxy for hawkish monetary policy, rose for a third time in four days this week after the release of the third-quarter GDP numbers. Wall Street’s S&P 500 rose by 1.2%, up for a second day in a row. The February delivery contract for WTI on NYMEX showed a 1.7% decrease.