MARKETWIRE ALERTS
Maria Eugenia Garcia
DTN Energy Editor
MARKETWIRE ALERTS
MarketWire Afternoon News Aug 4rd:
Updated at 5:00 PM ET
HEADLINES:
-- Midwest Jet Fuel Basis Diverge on NYMEX ULSD Fall
-- API: Crude Stocks Reverse to 2.69M Bbl Build
-- Midwest CBOB Basis Mixed Amid Tumbling Futures
-- Pilot, GM, EVgo Hit 300 EV Charging Locations Nationwide
-- EIA: U.S. Retail Diesel Average Up 3.5cts to 9-Week High
-- EIA: U.S. Retail Gasoline Above $4 for 3rd Week
-- Sunoco Q2 Net Income Rises Triples Versus 2Q25
-- BP Q2 Replacement Profit Doubles Y-o-Y on Prices, Trading
-- Marathon Q2 R&M EBITDA More than Triples Year on Year
NEWS
Midwest Jet Fuel Basis Diverge on NYMEX ULSD Fall
Midwest spot jet fuel basis was mixed Tuesday (8/4), with a narrowing
Chicago premium contrasting with gains in Group 3, as sharp selloff in
underlying futures lent support to cash basis values.
Chicago jet fuel basis showed the steepest fall, narrowing 16cts on the day
to be assessed at a 55cts discount over September NYMEX ULSD futures, based on
indications.
Group 3 jet fuel basis bucked the downward momentum by strengthening 11cts
on the day to finish at a 40cts discount to the same benchmark.
The NYMEX September ULSD futures contract fell $0.1067 or 2.8% to settle at
$3.7705 gallon, extending the previous session's 6% drop driven by progress in
diplomatic efforts to end the U.S.-Iran war.
The divergence in Midwest cash differentials comes as ongoing weakness in
energy futures continues to weigh on physical product values across regional
trading hubs.
Higher refinery run rates in PADD 2 continue to cushion market supply,
supported by elevated utilization rates that reached 101.4% during the week
ended July 24, according to federal data reported last week.
API: Crude Stocks Reverse to 2.69M Bbl Build
U.S. commercial crude oil stockpiles returned to a weekly build during the
week ended July 31, while gasoline inventories also increased and distillate
fuel stocks declined, the American Petroleum Institute (API) reported on
Tuesday (8/4).
U.S. commercial crude oil stocks rose by 2.69 million bbl last week,
reversing the 3.296 million bbl draw reported in the previous week.
API reported a crude inventory build of 2.358 million bbl at the Cushing,
Oklahoma, delivery point for NYMEX West Texas Intermediate futures, above the
273,000 bbl increase reported during the prior week.
Gasoline inventories increased by 156,000 bbl, below the 918,000 bbl build
reported in the previous week.
Distillate fuel oil stocks fell by 1.2 million bbl, above the 125,000 bbl
draw reported last week.
Midwest CBOB Basis Mixed Amid Tumbling Futures
Midwest CBOB cash basis retreated from three-month highs Tuesday (8/4) as
ample refinery output and a weakening in futures triggered a swift market
correction.
Chicago CBOB basis led regional declines, tumbling 15cts on the day to a
4.50cts premium to September RBOB futures. On Monday (8/3), Chicago CBOB basis
hit a three-month high of 19.50cts.
On Tuesday, the CBOB basis for both the Buckeye and Wolverine pipelines
narrowed by 14.5cts to settle at a 5.0cts premium over the benchmark futures
contract.
Tuesday's basis retracement followed Monday's sharp surge, as downstream
buyers pulled back from elevated cash levels while futures plunged.
NYMEX September RBOB tumbled $0.1445, or 4.9%, to settle at $2.8522 gallon,
extending losses amid diplomatic efforts to end the U.S.-Iran war.
High regional output from PADD 2 refiners operating at 100.3% utilization
further capped prompt gains by keeping distribution channels well supplied.
Bucking the broader regional retreat, Group 3 CBOB basis strengthened 2cts
on the day to finish at a 0.75cts discount. The mid-continent market held firm
due to tighter localized supply and differing pipeline scheduling cycles
compared to Chicago hubs.
Pilot, GM, EVgo Hit 300 EV Charging Locations Nationwide
Pilot Company, General Motors and EVgo announced Tuesday (8/4) that their
collaborative electric vehicle (EV) fast-charging network has surpassed 300
locations with 1,300 fast-charging stalls across 40 states .
The network now spans approximately 75% of the contiguous United States,
covering more than 2.2 million square miles and connecting drivers to
destinations from coast to coast.
"Reaching more than 300 locations reflects our commitment to building a
coast-to-coast charging network and delivering an exceptional travel experience
that shows EV drivers they matter," said Scott Hundley, director of light duty
EV and infrastructure at Pilot.
Since launching in 2022, the charging network has earned a PlugShare score
of 9.41 out of 10 as of July 2026 , making it one of the highest-rated charging
experiences in the industry, according to a company statement.
The expanded footprint opens the door to a growing list of EV road trip
routes, including San Antonio to Jacksonville along the Gulf Coast, Nashville
to Charleston through the Great Smoky Mountains, Detroit to Tampa via Atlanta,
and a desert route linking White Sands National Park in New Mexico to Saguaro
National Park in Arizona.
The three companies are now more than halfway toward their stated goal of
installing up to 2,000 fast-charging stalls across up to 500 locations
nationwide.
EIA: U.S. Retail Diesel Average Up 3.5cts to 9-Week High
U.S. pump prices for diesel climbed 3.5cts to $5.348 gallon during the week
ended August 3, Energy Information Administration data showed Tuesday (8/4).
The national average for diesel now stands $1.548 above year-ago levels,
virtually matching the week ended June 1, when it averaged $5.35 gallon.
The Rocky Mountain region posted the largest weekly gain nationwide, surging
14.4cts to $5.285 gallon, up $1.492 from year-ago levels.
West Coast less California and the Midwest witnessed the second- and
third-largest regional gains in diesel prices, climbing 7.8cts and 6.6cts to
settle at $5.623 gallon and $5.262 gallon, respectively.
In contrast, the East Coast registered the largest drop, declining 5.5cts to
$5.299 gallon. Lower Atlantic registered the only other regional decline, with
a slide of 8.7cts to $5.168 gallon.
EIA: U.S. Retail Gasoline Above $4 for 3rd Week
The U.S. average for retail regular gasoline remained above the $4 gallon
mark for a third consecutive week during the week ended August 3, although
prices edged down slightly from the previous week, data from the U.S. Energy
Information Administration showed Tuesday (8/4).
The U.S. average for regular gasoline slipped 1.7cts to $4.079 gallon last
week, standing 93.9cts higher compared with the same week last year, according
to the EIA's weekly update on fuel pricing.
The modest decline followed three consecutive weekly increases and came as
wholesale gasoline prices softened from recent highs. However, retail prices
remain elevated as crude oil and refined product markets continue to trade well
above year-ago levels following supply disruptions in the Middle East.
East Coast (PADD 1) gasoline fell 5.3cts to $3.944 gallon in the week ended
August 3, while remaining 92.8cts above the same period last year.
Within the East Coast, New England (PADD 1A) gasoline increased 0.3cts to
$4.070 gallon week over week, standing $1.017 above the same week of 2025.
Central Atlantic (PADD 1B) gasoline prices declined 3.5cts on a weekly basis
to reach $4.139 gallon last week, or 99.4cts higher than the same week last
year.
Lower Atlantic (PADD 1C) gasoline prices dropped 7.9cts to $3.788 gallon in
the profiled week, or 86.3cts above year-ago levels.
Midwest (PADD 2) prices rose 4.7cts to $3.929 gallon last week, 88.6cts
higher compared with the same period last year.
Prices for the same product at the Gulf Coast (PADD 3) fell 8.6cts to $3.604
gallon, or 87.3cts above the same week last year.
Rocky Mountain (PADD 4) gasoline climbed 5.6cts to $4.139 gallon, rising
$1.012 compared with the same time last year.
West Coast (PADD 5) gasoline prices increased 1.3cts to $5.130 gallon, for a
$1.107 gain over the corresponding week of last year.
Gasoline prices at West Coast less California advanced 2.3cts to $4.685
gallon, standing 93.1cts higher than the same week last year.
Sunoco Q2 Net Income Rises Triples Versus 2Q25
Sunoco LP reported Tuesday (8/4) net income for the second quarter of 2026
of $283 million, compared to net income of $86 million for the second quarter
of 2025.
Fuel Distribution segment reported adjusted EBITDA of $504 million, compared
to $206 million in the second quarter of 2025. The segment sold approximately
4.1 billion gallons of fuel in the second quarter of 2026. Fuel margin for all
gallons sold was 17.1 cents per gallon for the second quarter of 2026.
Pipeline Systems generated adjusted EBITDA of $190 million, compared to $177
million in the second quarter of 2025. The segment averaged throughput volumes
of roughly 1.3 million bpd in the second quarter of this year.
The Terminals segment posted adjusted EBITDA of $113 million, compared to
$71 million in the second quarter of 2025. This segment averaged throughput
volumes of nearly 1.1 million bpd in the same period of 2025.
The Refinery segment recorded adjusted EBITDA of $175 million in the second
quarter, recording averaged throughput volumes of roughly 57,000 bpd in the
second quarter of 2026.
BP Q2 Replacement Profit Doubles Y-o-Y on Prices, Trading
BP reported on Tuesday (8/4) an underlying replacement cost profit of $5.7
billion for the second quarter, more than double year-on-year, driven by
stronger crude prices and trading performance.
Replacement profit in Q2 2025 was $2.4 billion. For Q1 2026, it was $3.2
billion.The average dated price for Brent crude was $103.90 bbl in Q2 versus
$81.10 in the prior quarter and $67.90 a year ago.The average realized price
for natural gas under production on the Henry Hub was $2.90 mmbtu versus
$5.10in Q1 and $3.40 in the prior year.Refining and trading operations under
the customers and products segment reported $5.0 billion in underlying
replacement cost profit before interest and tax, compared to $1.5 billion a
year earlier and $3.2 billion in the prior quarter.Refining availability
reached 94.7% in the second quarter versus 96.3% during the first quarter. BP's
oil production & operations segment reported an underlying replacement cost
profit of $3.6 billion for Q2 2026, up from $2.3 billion reported in Q2 2025
and $2.0 billion in Q1 2026.Overall upstream production dropped 6%
quarter-on-quarter to 2,201 mboed, driven primarily by scheduled seasonal
maintenance in the Gulf of America. Year-on-year, it slid 4.3% from a prior
2,300 mboed.
Marathon Q2 R&M EBITDA More than Triples Year on Year
Marathon Petroleum reported on Tuesday (8/4) that the refining and marketing
(R&M) segment adjusted EBITDA of $6.7 billion in the second quarter of 2026, up
sharply from $1.9 billion in the same period of 2025, driven by significantly
higher crack spreads across all regions.
R&M margin was $36.33 bbl for the second quarter of 2026, versus $17.58 bbl
for the same period last year.
R&M segment adjusted EBITDA was $24.84 bbl for the second quarter of 2026,
versus $6.79 bbl year-over-year. Segment adjusted EBITDA excludes planned
turnaround costs, which totaled $275 million in the quarter and $250 million in
the second quarter of last year.
Refining operating costs were $5.72 bbl for the second quarter of 2026,
versus $5.34 bbl for the second quarter of 2025, primarily driven by decreased
utilization due to planned downtime in the Mid-Continent region compared to the
prior-year quarter.
Crude capacity utilization was nearly 94%, resulting in total throughput of
2.9 million bpd in the second quarter of 2026.
Midstream segment adjusted EBITDA was $1.8 billion in the second quarter of
2026, versus $1.6 billion for the same period of 2025. The increase was driven
by increased rates and throughputs, including growth from equity affiliates and
acquisitions, partially offset by the divestiture of non-core gathering and
processing assets.
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