MARKETWIRE ALERTS


   
Miguel E. Andujar
DTN Refined Fuels Market Reporter

   MARKETWIRE ALERTS 

   MarketWire Afternoon News July 28th:

   Updated at 5:00 PM ET 
 

   HEADLINES:

   -- API: U.S. Crude, Gasoline Stocks Extend Build

   -- Midwest Jet Fuel Basis Extends Gains Amid Cycle 1 Heat

   -- CB: U.S. July Consumer Confidence Dips on Inflation Worry

   -- EIA: U.S. Retail Diesel Average Up 17.9cts to 8-Week High

   -- EIA: U.S. Retail Gasoline Average Up 9.5cts to 7-Week High

   
NEWS

    

   API: U.S. Crude, Gasoline Stocks Extend Build

   U.S. commercial crude oil stockpiles increased for a second consecutive week 
during the week ended July 24, according to data published Tuesday (7/28) from 
the American Petroleum Institute.

   Crude inventories rose by 3.296 million bbl, expanding on the 2.603 million 
bbl build reported in the previous week.

   At the Cushing, Oklahoma, delivery point for NYMEX West Texas Intermediate 
futures, crude stocks increased by 273,000 bbl to reverse a 737,000 bbl draw.

   Gasoline stockpiles added 918,000 bbl during the profiled week, moving 
higher after a 1.379 million bbl draw in the prior week.

   Distillate fuel stocks fell by 125,000 bbl last week, reversing the 1.759 
million bbl increase recorded during the previous period.

    

   Midwest Jet Fuel Basis Extends Gains Amid Cycle 1 Heat

   The discount for Midwest jet fuel narrowed further Tuesday (7/28) as 
emerging regional refinery disruptions compounded tight regional inventory 
levels during the Cycle 1 pipeline nomination window.

   Chicago jet fuel basis narrowed by 15cts to a 40cts discount to September 
NYMEX ULSD futures, extending Monday's 30cts advance.

   Physical traders reported operational issues at regional processing plants, 
including Phillips 66's 345,000 bpd Wood River and CITGO's 177,000 bpd Lemont 
refinery, which appeared to add to the upward pressure in Midwest cash 
differentials.

   "Cycle 1 is a sensitive time in the Midwest and talk of any refinery issues 
could be influential," a trader told DTN.

   The ongoing firming in cash differentials comes as physical buyers scramble 
to secure spot barrels following the start of August pipeline scheduling across 
the PADD 2 distribution network.

    

   CB: U.S. July Consumer Confidence Dips on Inflation Worry

   U.S. consumer confidence edged downward in July as consumers grew less 
positive about current economic conditions, the Conference Board said in a 
survey disclosed Tuesday (7/28).

   The headline confidence index fell 1.4 points to 90.8 this month, the 
Conference Board reported.  It noted that the survey period, from July 1 to 
July 22, encompassed the ongoing Middle East conflict that had sent food and 
grocery prices, along with consumers' expectations of inflation, soaring.

   The July drop was enhanced by a revision in the June reading to 92.2 from a 
prior 91.5.

   Consumer confidence was "continuing a general downward sloping trajectory 
since late 2021," noted Dana M. Peterson, chief economist at the Conference 
Board, in a news release.

   The confidence index measures household optimism that fuels roughly 70% of 
the U.S. economy through consumer spending.

   Consumers' assessment of current conditions -- the present situation index 
-- fell 3.6 points to 114.9 in July, marking its third straight monthly decline.

   The expectations index, which gauges the short-term economic outlook, 
remained unchanged at 74.7 -- well below the 80-point threshold often 
associated with an upcoming recession.

    

   EIA: U.S. Retail Diesel Average Up 17.9cts to 8-Week High

   U.S. pump prices for diesel climbed 17.9cts to $5.313 gallon during the week 
ended July 27, marking the highest level in eight weeks, Energy Information 
Administration data showed Tuesday (7/28).

   The national average now stands $1.508 above year-ago levels, driven by 
broad gains across all regions.

   Prior to this, the highest weekly average was $5.350 gallon during the week 
ended June 1. Prices advanced across all regions, or PADD districts, during the 
week to July 27. The Midwest, or PADD 2, climbed the most among main regions, 
with the average up 20.8cts to stand at $5.196 gallon. The Rocky Mountain, or 
PADD 4, region saw the second-largest gain, surging 20.6cts to $5.141 gallon, 
up $1.360 from year-ago levels.

   Conversely, New England under PADD 1 posted the smallest upward move 
nationwide, rising 11.9cts on a weekly basis to $5.518 gallon. Gulf Coast (PADD 
3) and West Coast (PADD 5) prices advanced by 14.5cts and 19.0cts to settle at 
$5.087 gallon and $6.067 gallon, respectively.

    

   EIA: U.S. Retail Gasoline Average Up 9.5cts to 7-Week High

   U.S. pump prices for regular gasoline climbed 9.5cts to $4.096 gallon during 
the week ended July 27, marking the highest level in seven weeks, Energy 
Information Administration data showed Tuesday.

   The national average now stands 97.3cts above year-ago levels, driven by 
broad gains across all regions. Prior to this, the highest weekly average was 
$4.146 gallon during the week ended June 8.

   Prices advanced across all regions, or PADD districts, during the week to 
July 27. The West Coast, or PADD 5, climbed the most, with average up 13.4cts 
to stand at $5.117 gallon. The Rocky Mountain region saw the second-largest 
weekly increase, surging 12.7cts to $4.083 gallon, up 96.2cts from year-ago 
levels.

   Conversely, New England posted the smallest upward move nationwide, rising 
5.6cts on a weekly basis to $4.067 gallon. Gulf Coast and Midwest prices both 
advanced by 10.2cts to settle at $3.690 gallon and $3.882 gallon, respectively.




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