USGC Gasoline Basis in 2025 Remain Steady On Year


   
Maria Eugenia Garcia
DTN Refined Fuels Market Reporter

   HOUSTON, TX (DTN) -- U.S. Gulf Coast regular gasoline basis finished 2025 
little changed  from a year earlier, as ample supplies and strong refinery 
operations kept prices steady at the nation's primary fuel hub.

   Houston regular gasoline basis averaged a 2.22cts gallon discount versus the 
front-month RBOB futures contract in 2025, down just 0.8% from 2024, according 
to DTN data. The flat pricing environment came despite a sharp drop in crude 
oil costs and a surge in refinery profitability throughout the year.

   Refiners along the Gulf Coast benefited from lower feedstock prices, with 
crude oil benchmarks falling sharply compared to 2024. West Texas Intermediate 
futures averaged $62.31 bbl; in 2025, while ICE Brent futures averaged $65.83 
bbl--both down from approximately $80 bbl recorded the previous year.

   The lower crude prices led to a decent expansion in refining margins. In the 
US Gulf Coast the 3:2:1 crack spread --the price difference between crude oil 
and its refined products--was $15. 67 bbl as of December 31, according to 
Energy Administration.

   Regional refinery utilization reached an average of 92.30%, up four 
percentage points from 2024, according to EIA data, reflecting strong demand 
and optimal operating conditions. Last year, higher runs helped meet domestic 
fuel demand while supporting robust gasoline and product exports from Gulf 
Coast facilities. However, for 2026, a global supply glut, and sluggish demand 
could represent a major challenge for USGC refiners.

    




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