MARKETWIRE ALERTS
Barani Krishnan
DTN Refined Fuels Market Reporter
MARKETWIRE ALERTS
MarketWire Afternoon News Sept 23:
Updated at 5:00 PM ET
HEADLINES:
-- Chicago CBOB Basis DN 13.5cts Despite PADD 2 Gasoline Draw
-- BTS: N. American July Transborder Freight Up 18.8% on Yr
-- Chicago ULSD Basis Plunges 34.5cts, Bucking Inventory Drop
-- ATA: Truck Tonnage Edged Down in August from July
-- EIA: PADD 2 Distillate Stocks Hit 3-Month Low as Runs Slow
-- EIA: PADD 5 Gasoline Stocks Near 2026 Low
-- EIA: US SPR Stocks Fall to Lowest Since October 1982
-- EIA: Propane/Propylene Stocks Increase 8% on Week
-- EIA: PADD 3 Jet Stocks Edge Up From 5-Month Low
-- EIA: PADD 1 Gasoline Stocks Hit 9-Month Low
-- EIA: Ethanol Output 5.9% Lower on Week, Stocks 3.2% Up on Year
-- EIA: Crude Stocks Rise 3M bbl, Gasoline Falls
-- Diesel Strength Returns to Racks; Gasoline Up Modestly
NEWS
Chicago CBOB Basis DN 13.5cts Despite PADD 2 Gasoline Draw
The basis for Chicago CBOB weakened 13.5cts gallon against the NYMEX
benchmark Wednesday (9/23), ignoring a regional inventory draw that pulled
Midwest gasoline stockpiles lower.
Chicago CBOB basis slid by 13.5cts to a 26cts discount against the October
NYMEX RBOB futures contract, compared to a 12.5cts discount reported on Tuesday
(9/22), DTN price data showed.
Buckeye CBOB basis fell 15cts to a 25cts discount against the same
benchmark, widening from a 10cts discount in the prior session. Wolverine CBOB
basis declined 11cts to a 21cts discount versus the October NYMEX RBOB futures
contract, compared with a 10cts discount on Tuesday.
Meanwhile, Group 3 CBOB basis slipped 11cts to a 7.5cts discount against the
same benchmark, reversing Tuesday's 4cts premium.
NYMEX October RBOB, meanwhile, advanced 11.41cts to settle at $3.5870
gallon, providing underlying support to futures trade.
The cash market weakness for CBOB came despite the U.S. Energy Information
Administration reported PADD 2 motor gasoline stocks fell 500,000 bbl to 43.6
million bbl during the week ended September 18. Regional gasoline imports
decreased by 11,000 bpd on the week to average 7,000 bpd, the EIA data showed.
BTS: N. American July Transborder Freight Up 18.8% on Yr
North American transborder freight moved by all modes of transportation
increased 18.8% in July compared to the same month last year, the U.S. Bureau
of Transportation Statistics reported Wednesday (9/23).
Total freight value for July reached $157.6 billion, BTS records showed.
The July increase reflected growth across most transport modes, led by gains
in truck, pipeline, vessel, and rail freight, despite a decline in air
shipments. Transborder freight between the U.S. and Canada rose 7.8% to $62.8
billion, while trade flows between the U.S. and Mexico expanded 27.5% to $94.8
billion.
Trucks carried $108.2 billion worth of freight in July, up 23.9% from a year
ago, while pipeline freight rose 15.4% to $10.4 billion during the same period.
Rail shipments increased 8.7% to $15.6 billion compared to last year, while
vessel freight surged 12% to $9.9 billion and air freight value fell 3.8% to
$5.9 billion.
Chicago ULSD Basis Plunges 34.5cts, Bucking Inventory Drop
The basis for Chicago ultra-low sulfur diesel (ULSD) plunged 34.5cts gallon
against the NYMEX benchmark Wednesday (9/23), defying a regional inventory drop
that took Midwest distillate stockpiles to a three-month low.
The differential for Chicago ULSD versus October NYMEX ULSD slid by 34.5cts,
reaching a discount of 4.5cts against the benchmark, versus a premium of 30cts
on Tuesday (9/22), DTN price data showed.
The basis for Buckeye and Wolverine pipe ULSD fell 38.0cts each to a
discount of 3cts from a prior premium of 35cts.
In the Midcontinent, Group 3 ULSD basis slipped 9cts to stand at a discount
of 3.5cts.
NYMEX October ULSD itself eased 11.39cts to settle at $4.7764 gallon after a
White House official said the U.S. had decided not to proceed with a diesel
export ban proposed by President Donald Trump to help lower domestic prices.
The steep decline in Midwest ULSD differentials countered Wednesday's strong
support for aviation fuel in the region.
The basis for Chicago jet fuel surged 30cts, narrowing to 40cts its prior
discount of 70cts. Group 3 jet fuel rose 25cts in value to also stand at a
discount of 40cts.
"Another wild day in the Midwest," a regional fuels trader said, noting that
the diverging trends across the distillates landscape came amid talk of
improving product availability. The shift follows recent supply strains caused
by a power outage and flooding at the 275,000 bpd Joliet refinery in Channahon,
Illinois.
The cash market weakness for ULSD came despite a tumble in regional
distillate inventories reported by the U.S. Energy Information Administration
(EIA).
PADD 2 distillate stocks fell 1.6 million bbl to 27.2 million bbl during the
week ended September 18, touching their lowest levels since mid-June, the EIA
data showed. The draw came as regional refinery crude utilization plunged 11
percentage points to 89%.
ATA: Truck Tonnage Edged Down in August from July
American Trucking Associations' advanced seasonally adjusted For-Hire Truck
Tonnage Index dropped 0.5% to 112.7 in August after dropping 1.2% in July.
"The truck market has certainly flipped this year, but recent tonnage levels
confirm this is due to reduced capacity, not robust demand," said ATA Chief
Economist Bob Costello.
"Truck tonnage was down in four of the last five months. It is down 4.3%
from the recent peak in March, and it has fallen from year-earlier levels in
three of the last four months. Because of all the supply constraints, however,
the market is generally better," Costello said.
The not seasonally adjusted index, which represents the change in tonnage
actually hauled by fleets before any seasonal adjustment, equaled 116.1 in
August, below July's reading of 116.7.
ATA's For-Hire Truck Tonnage Index is dominated by contract freight as
opposed to spot market freight.
Trucking serves as a barometer of the U.S. economy, representing 72.7% of
tonnage carried by all modes of domestic freight transportation, including
manufactured and retail goods. Trucks hauled 11.27 billion tons of freight in
2024. Motor carriers collected $906 billion, or 76.9% of total revenue earned
by all transport modes. ATA calculates the tonnage index based on surveys from
its membership and has been doing so since the 1970s.
EIA: PADD 2 Distillate Stocks Hit 3-Month Low as Runs Slow
Midwest distillate inventories dropped to a three-month low during the week
ended September 18 as regional refinery crude utilization plunged across PADD
2, the Energy Information Administration (EIA) reported Wednesday (9/23).
PADD 2 distillate fuel oil stocks fell by 1.6 million bbl on the week to
stand at 27.2 million bbl, according to the EIA's Weekly Petroleum Status
Report.
The latest weekly draw placed regional distillate inventories at their
lowest level since the week ended June 19, when stocks stood at 27.166 million
bbl. Year-on-year, regional distillate inventories were 3.7 million bbl lower
than the 30.9 million bbl logged during the corresponding week last year.
Distillate imports into the Midwest averaged 3,000 bpd, up 1,000 bpd on the
week but down by 4,000 bpd from the year-ago volume of 7,000 bpd.
Motor gasoline inventories in the PADD 2 region dipped by 500,000 bbl during
the week ended September 18 to 43.6 million bbl. Year-on-year, regional
gasoline stocks were lower by 3.4 million bbl compared to the 47.0 million bbl
seen in the corresponding week of 2025.
Weekly imports of gasoline into the Midwest fell by 11,000 bpd on the week
to average 7,000 bpd during the current reporting period. This inbound volume
was down by 16,000 bpd from the year-ago level of 23,000 bpd recorded during
the same week last year.
Jet fuel stocks remained flat at 8.0 million bbl from the prior week, while
standing 100,000 bbl above the previous year's level of 7.9 million bbl. Weekly
jet fuel imports remained at zero bpd, matching both week-ago and year-ago
levels.
Crude oil inventories surged by 4.4 million bbl on the week to 104.1 million
bbl, which is 900,000 bbl higher than last year's level of 103.2 million bbl.
PADD 2 crude imports decreased by 595,000 bpd on the week to average
2,437,000 bpd, according to latest EIA data. This inbound crude oil volume was
431,000 bpd lower than the 2,868,000 bpd reported by the agency during the
corresponding week last year.
Refiner use of crude in the Midwest fell sharply to 3.802 million bpd last
week, versus 4.241 million bpd the week prior and 4.002 million bpd a year ago.
The regional utilization rate dropped 11.0 percentage points to 89.0% versus
the prior week's 100.0%, moving well below the year-ago level of 94.2%.
EIA: PADD 5 Gasoline Stocks Near 2026 Low
U.S. West Coast (PADD 5) gasoline inventories fell during the week ended
September 18, returning near their 2026 low after the previous week's brief
build, while distillate stocks also declined and jet fuel and crude oil
inventories increased, the U.S. Energy Information Administration reported
Wednesday (9/23).
Motor gasoline stocks in the PADD 5 region fell by 100,000 bbl to 27.3
million bbl during the referenced week, the lowest since September 4, when
inventories fell to 27.1 million bbl, their lowest level of 2026. The decline
reversed the previous week's 300,000 bbl increase and left inventories 2.7
million bbl, or 9%, below the 30 million bbl reported during the comparable
week of 2025. Motor gasoline imports increased to 104,000 bpd from 61,000 bpd
the previous week but remained below the 115,000 bpd reported during the
comparable week of 2025.
Regional distillate fuel stockpiles fell by 100,000 bbl to 10.3 million bbl
from 10.4 million bbl the previous week and remained 2.4 million bbl, or 18.9%,
below the 12.7 million bbl reported during the comparable week of 2025.
Distillate imports into PADD 5 fell sharply to 1,000 bpd from 29,000 bpd the
previous week and were below the 5,000 bpd reported during the comparable week
of 2025.
Jet fuel stocks in PADD 5 increased by 300,000 bbl to 11.6 million bbl from
11.3 million bbl the previous week. Inventories remained 800,000 bbl, or 6.5%,
below the 12.4 million bbl reported during the comparable week of 2025. Jet
fuel imports increased to 66,000 bpd from 54,000 bpd the previous week but
remained below the 137,000 bpd imported during the comparable week of 2025.
Crude oil inventories in PADD 5 increased by 600,000 bbl to 46.6 million
bbl, marking a second consecutive weekly build after the previous week's 1
million bbl increase. Inventories were little changed from the 46.5 million bbl
reported during the comparable week of 2025. Crude oil imports into the West
Coast increased to 1.116 million bpd from 994,000 bpd the previous week but
remained below the 1.555 million bpd reported during the comparable week of
2025.
West Coast refinery utilization edged down to 94.5% of operable capacity
from 94.9% the previous week but remained well above the 87.9% rate reported
during the comparable week of 2025. Crude oil inputs into regional refineries
edged up to 2.058 million bpd from 2.053 million bpd the previous week, EIA
data showed.
EIA: US SPR Stocks Fall to Lowest Since October 1982
U.S. Strategic Petroleum Reserve inventories fell to their lowest level in
nearly 44 years during the week ended September 18, according to Energy
Information Administration data released Wednesday (9/23).
Crude oil held in the SPR declined by 400,000 bbl to 284.6 million bbl from
285 million bbl the previous week. The latest level is the lowest since the
week ended October 29, 1982, when the reserve held 284.268 million bbl, EIA
historical data shows.
SPR inventories were 121.4 million bbl, or 29.9%, below the 406 million bbl
reported during the comparable week of 2025.
The decline extends a sharp drawdown in the reserve this year as barrels
continue to be delivered under an emergency exchange announced by the
Department of Energy. The U.S. committed 172 million bbl from the SPR as its
contribution to a coordinated 400 million bbl release by International Energy
Agency member countries.
The emergency exchange has pushed U.S. strategic crude holdings back to
levels last recorded in the early years of the reserve, when the government was
still building inventories following the SPR's creation in the 1970s.
CEC: California Fuel Supply Adequate for Six Weeks
California has sufficient gasoline supply to meet demand for the next six
weeks under normal operating conditions as refiners replace lost Middle East
crude cargoes with alternative supplies, the California Energy Commission said
in an updated market assessment.
The CEC said Tuesday (9/22) it is in close communication with all California
refiners and does not expect the state to run out of gasoline. The agency
cautioned its six-week outlook assumes no major unplanned refinery outages
occur. Beyond that period, the CEC said it remains "cautiously optimistic"
about gasoline supply.
California refiners and importers have established additional crude supplies
from Latin America, Canada and other regions outside the Middle East conflict
to offset disrupted cargoes, according to the CEC. Before the conflict,
approximately 17% of California's crude oil supply moved through the Strait of
Hormuz.
The state is currently meeting gasoline demand through a combination of
production from California refineries, existing inventories and imports, the
agency said.
California is also receiving finished petroleum products from other U.S.
regions, including the Pacific Northwest, U.S. Gulf Coast and East Coast, while
international supplies are arriving from countries including India, the United
Kingdom and South Korea, according to the CEC.
California's isolation from the country's major refining centers makes the
state more dependent on waterborne shipments when local refinery production is
insufficient to meet demand. The CEC said California has no petroleum-product
pipelines connecting it with other major U.S. refining regions.
The CEC monitors California refinery production and inventories through its
Weekly Fuels Watch, with the latest available data covering the week ended
September 16.
EIA: Propane/Propylene Stocks Increase 8% on Week
The Energy Information Administration reported on Wednesday (9/23) total
domestic propane/propylene stocks of 107.87 million bbl in the week ending
September 18, down 1.222 million bbl week-on-week and 7.952 million bbl, or 8%
higher than in the same week last year.
Data show propane/propylene exports last week averaged 2.469 million bpd, up
256,000 bpd week-on-week and 547,000 bpd, or 28.5%, higher than in the same
week last year.
Implied demand for propane/propylene in the United States averaged 764,000
bpd, down 274,000 bpd week-on-week and 131,000 bpd, or 14.6% lower than in the
same week last year.
EIA reports domestic propane/propylene production averaged 2.968 million
bpd, down 5,000 bpd week-on-week and 83,000 bpd, or 2.9% higher than in the
same week last year.
East Coast PADD 1 inventories ended the week at 7.934 million bbl, up
200,000 bbl week-on-week and 72,000 bbl, or 0.9% higher than in the same week
last year.
Midwest PADD 2 inventories ended the week at 26.09 million bbl, down 169,000
bbl week-on-week and 714,000 bbl, or 2.7% lower than in the same week last year.
Gulf Coast PADD 3 inventories ended the week at 68.434 million bbl, down
1.192 million bbl week-on-week and 8.485 million bbl, or 14.2% 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 5.412 million bbl, down 61,000 bbl week-on-week and 109,000 bbl, or
2.1% higher than in the same week last year.
EIA: PADD 3 Jet Stocks Edge Up From 5-Month Low
U.S. Gulf Coast jet fuel inventories edged up from a five-month low during
the week ended September 18, while distillate stocks increased for a second
consecutive week and crude oil inventories fell as refinery utilization
remained high, according to Energy Information Administration data released
Wednesday (9/23).
Jet fuel inventories increased by 100,000 bbl to 14.2 million bbl from 14.1
million bbl the previous week. The previous week's level was the lowest since
April 10, when inventories stood at 13.9 million bbl. Stocks were 800,000 bbl
above the 13.4 million bbl reported during the comparable week of 2025.
Distillate inventories increased by 600,000 bbl to 44.4 million bbl from
43.8 million bbl the previous week, marking a second consecutive weekly build.
Stocks remained 800,000 bbl below the 45.2 million bbl reported during the
comparable week of 2025, while Gulf Coast distillate imports increased to
22,000 bpd after no imports were reported the previous week.
Gasoline inventories edged up by 100,000 bbl to 77.7 million bbl from 77.6
million bbl the previous week. Stocks were 600,000 bbl below the 78.3 million
bbl reported during the comparable week of 2025, while gasoline imports
increased to 79,000 bpd from 38,000 bpd the previous week.
Gulf Coast crude oil inventories fell by 2.1 million bbl to 244.1 million
bbl from 246.2 million bbl the previous week. Stocks remained 9.8 million bbl
above the 234.3 million bbl reported during the comparable week of 2025, while
crude oil imports fell to 1.240 million bpd from 1.861 million bpd the previous
week.
PADD 3 refinery utilization edged down to 96.5% from 96.9% the previous week
but remained above the 94% rate reported during the comparable week of 2025.
Crude oil inputs declined by 126,000 bpd to 9.496 million bpd from 9.622
million bpd the previous week.
EIA: PADD 1 Gasoline Stocks Hit 9-Month Low
U.S. East Coast gasoline stocks hit their lowest level in more than nine
months last week, while jet fuel inventories also fell, the Energy Information
Administration (EIA) reported Wednesday (9/23).
Distillate fuel inventories, meanwhile, reached their highest in five weeks
during the week ended September 18, the EIA's Weekly Petroleum Status Report
showed.
Crude oil stocks, refinery runs and utilization rates rose across the board
in the PADD 1 region during the referenced week.
Gasoline stocks dropped by 1.3 million bbl to 51 million bbl and stood 3.5
million bbl below the 54.5 million bbl logged during the corresponding week
last year. That was the lowest level for East Coast gasoline stocks since the
week ended December 5, 2025, when inventories stood at 49.621 million bbl.
Gasoline imports into the region dropped to 210,000 bpd from 419,000 bpd the
previous week and were below the 369,000 bpd reported during the comparable
week of 2025.
Distillate inventories increased by 600,000 bbl to 22.2 million bbl, though
remaining well below the 30.4 million bbl recorded during the same week of
2025. That was the highest stock level for PADD 1 distillates since the week
ended August 14, when inventories stood at 22.215 million bbl.
Distillate imports into the region fell to 46,000 bpd from 76,000 bpd the
previous week, though remaining slightly above the 42,000 bpd brought in a year
ago.
Jet fuel inventories decreased by 300,000 bbl during the reference week to
10.9 million bbl, standing 400,000 bbl above the 10.5 million bbl reported a
year ago. East Coast jet fuel imports remained flat at zero bpd, matching both
week-ago and year-ago levels.
Crude oil inventories rose by 200,000 bbl to 8.4 million bbl during the week
profiled, while standing 400,000 bbl above the 8.0 million bbl reported during
the same week last year. Crude imports into the region averaged 671,000 bpd, up
from 649,000 bpd the previous week and above the 589,000 bpd reported during
the comparable week of 2025.
Refinery crude oil inputs grew by 31,000 bpd to 834,000 bpd from 803,000 bpd
the previous week, surpassing the 779,000 bpd recorded a year ago. Refinery
utilization rose to 89.2% of operable capacity from 87.7% in the prior week and
86.5% in the year-ago period.
EIA: Ethanol Output 5.9% Lower on Week, Stocks 3.2% Up on Year
The Energy Information Administration reported on Wednesday (9/23) that
overall ethanol production in the United States averaged 1.028 million bpd in
the week ending September 18, down 71,000 bpd week-on-week and 65,000 bpd, or
5.9% lower than in the same week last year. Four-week average output at 1.127
million bpd was 23,000 bpd above the same four weeks last year.
Midwest ethanol production averaged 962,000 bpd, down 78,000 bpd
week-on-week and 70,000 bpd, or 6.8% lower than in the same week last year.
Four-week average output at 1.07 million bpd was 24,000 bpd above the same four
weeks last year.
Ethanol blending activity in the U.S. averaged 907,000 bpd, down 4,000 bpd
week-on-week and 6,000 bpd, or 0.7% higher than in the same week last year.
Four-week average blending demand at 853,000 bpd was 6,000 bpd above the same
four weeks last year.
Blender inputs at the East Coast were down 1,000 bpd on the week while
inputs in the Midwest were down 2,000 bpd, down 1,000 bpd on the Gulf Coast and
up 1,000 bpd on the West Coast.
Domestic ethanol inventories ended the week at 24.683 million bbl, down
537,000 bbl week-on-week and 755,000 bbl, or 3.2% higher than in the same week
last year.
East Coast PADD 1 inventories ended the week at 7.628 million bbl, down
47,000 bbl week-on-week and 1.17 million bbl, or 18.1% higher than in the same
week last year.
Midwest PADD 2 inventories ended the week at 9.179 million bbl, down 564,000
bbl week-on-week and 848,000 bbl, or 8.5% lower than in the same week last year.
Gulf Coast PADD 3 inventories ended the week at 5.378 million bbl, up 89,000
bbl week-on-week and 368,000 bbl, or 7.3% higher than in the same week last
year.
West Coast PADD 5 inventories ended the week at 2.175 million bbl, down
15,000 bbl week-on-week and 69,000 bbl, or 3.3% higher than in the same week
last year.
EIA: Crude Stocks Rise 3M bbl, Gasoline Falls
U.S. commercial crude oil inventories increased during the week ended
September 18, while gasoline and distillate stocks fell as refinery utilization
declined from the previous week's elevated level, according to Energy
Information Administration data released Wednesday (9/23).
Commercial crude inventories increased by 3 million bbl to 426.4 million
bbl, reversing the previous week's 600,000 bbl decline. Stocks were 11.6
million bbl, or 2.8%, above the 414.8 million bbl reported during the
comparable week of 2025.
Crude oil imports fell by 1.181 million bpd to 5.877 million bpd from 7.058
million bpd the previous week, while exports dropped by 1.550 million bpd to
3.281 million bpd from 4.831 million bpd.
Gasoline inventories fell by 1.7 million bbl to 206 million bbl, reversing
the previous week's 800,000 bbl build and bringing stocks back near the nearly
10-month low reached in late August. Stocks were 10.5 million bbl, or 4.9%,
below the 216.6 million bbl reported during the comparable week of 2025.
Gasoline imports declined to 401,000 bpd from 537,000 bpd the previous week,
while exports fell to 838,000 bpd from 955,000 bpd.
Distillate fuel inventories declined by 400,000 bbl to 107.4 million bbl,
ending three consecutive weekly builds. Stocks remained 15.6 million bbl, or
12.7%, below the 123 million bbl reported during the comparable week of 2025.
Distillate imports fell to 85,000 bpd from 114,000 bpd, while exports
declined to 1.331 million bpd from 1.614 million bpd the previous week.
Jet fuel inventories edged up by 100,000 bbl to 45.5 million bbl from 45.3
million bbl the previous week and were 500,000 bbl, or 1.1%, above the
comparable week of 2025.
U.S. refinery utilization fell to 94% from 96.8% the previous week, while
crude oil inputs declined by 519,000 bpd to 16.811 million bpd from 17.330
million bpd
Diesel Strength Returns to Racks; Gasoline Up Modestly
U.S. wholesale ultra-low sulfur diesel (ULSD) rack prices turned higher
across all five PADDs Wednesday (9/23), while conventional gasoline held nearly
unchanged nationally as diesel supply concerns remained in focus.
Nationwide ULSD rack prices averaged $5.3183 gallon, up 2.78cts from the
previous trading session's $5.2905 gallon, according to DTN data.
Conventional unleaded gasoline rack prices averaged $3.5644 gallon, down
0.05ct from the previous day's $3.5650 gallon.
The firmer diesel racks came as energy markets continued to assess
developments surrounding the U.S.-Iran conflict. The first shuttle talks
between the two sides in months raised hopes for progress on Wednesday,
although uncertainty over Middle East energy flows and access through the
Strait of Hormuz remained.
Adding another layer of uncertainty to the diesel market, U.S. Treasury
Secretary Scott Bessent said the administration was evaluating whether a full
or partial ban on U.S. diesel exports would be feasible after President Donald
Trump backed the idea Tuesday as a way to bolster domestic supply.
NYMEX WTI traded near $90.84 bbl Wednesday morning, up $0.33 on the day.
Front-month New York Harbor ULSD rose 2.84cts to $4.9705 gallon, while RBOB
gasoline advanced 6.88cts to $3.5563 gallon.
Refining margins remained especially strong for distillates. The diesel
crack climbed back up, to about $117.69 bbl, rising $0.64 on the day. The
gasoline crack strengthened by $2.59 to around $58.55 bbl.
ULSD racks increased across all five PADDs. Rocky Mountain values posted the
largest advance, rising 5.49cts to $5.5447 gallon, followed by West Coast
prices, which gained 4.68cts to $5.7938 gallon. Midwest ULSD increased 3.48cts
to $5.3690 gallon, Gulf Coast values rose 2.62cts to $5.1609 gallon and East
Coast prices added 0.91ct to $5.1122 gallon.
PADD 5 maintained the widest ULSD premium to the national average at
47.55cts, while PADD 1 held the largest discount at 20.61cts.
Gasoline racks were mostly softer despite stronger RBOB futures. Midwest
values posted the largest decline, falling 0.89ct to $3.3729 gallon. Rocky
Mountain prices fell 0.82ct to $4.1035 gallon, Gulf Coast gasoline declined
0.57ct to $3.3950 gallon and East Coast values slipped 0.11ct to $3.3672
gallon. West Coast gasoline was the exception, rising 2.34cts to $4.3210 gallon.
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