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Weekly Energy Update · Week 46

Fuel & Energy Report

B Mello Ag Services · Central Valley, CA

Published Monday, November 9, 2026 • Week in Review: November 2–8 • Forecast: November 9–15

♦ CA DIESEL $8.171 (▼19¢ WK · 34.2¢ UNDER RECORD) ♦ CA REGULAR $5.751 (▼15¢ WK) ♦ WTI $90.83 FRIDAY, DOWN 12.8% ON THE WEEK ♦ BRENT $98.32 (JAN) ♦ EIA CA DIESEL $8.076 (11/2) ♦ US DISTILLATE 99.3M BBL, 13% UNDER 5-YR ♦ HENRY HUB BACK NEAR $3

All Fuel Reports

📈 This Week’s Call

Crude lost 13% in a week and diesel fell 18.6 cents. We called flat to lower and the pump fell faster than we said, so we lean lower again, with a headline risk we cannot ignore.

Last Monday we called California diesel flat to slightly lower at $8.25 to $8.42 and put the odds of a new record under 10%. The direction was right and the size was off. AAA’s Sunday read puts diesel at $8.1705, down 18.6 cents on the week, 7.95 cents under the bottom of our range and 34.2 cents under the $8.5123 record of October 18. EIA’s survey for the week of November 2 printed $8.076, down 7.9 cents and inside our $8.04 to $8.16 range, against a national average of $6.292, down 6.0 cents. Gasoline went lower too. Regular finished at $5.7512, down 15.4 cents and 2.9 cents under our $5.78 to $5.90 range; EIA regular printed about $5.748, inside our $5.73 to $5.82. Crude was the miss. We called crude biased higher at $97 to $112 and WTI settled Friday at $90.83, $6.17 under the bottom of that range, down $13.29 or 12.8% on the week. Brent’s January contract settled at $98.32, down $15.11 or 13.3% against the matching contract a week earlier. Reports say the November 3 midterm results and a Qatar-brokered proposal from Iran lifted hopes of a deal, though no agreement exists and Hormuz is still disrupted. The Brent–WTI spread on the front contracts was $7.49, inside our $7 to $13. We could not source a Los Angeles diesel spot print after October 27, so we are not leaning on wholesale this week. Here is what we see now: the crude drop has not fully reached the pump, but distillate stocks fell to 99.3 million barrels, 13% under the five-year average, so we do not call a collapse. We lean lower for November 9 through 15, with an upside risk that a failed deal would reverse fast. Details in Section 2.

⛽

Section 1

Last Week at the Pump

AAA’s Sunday, November 8 read puts California diesel at $8.1705, down 18.6 cents on the week and 34.2 cents under the October 18 record of $8.5123. Regular finished at $5.7512, down 15.4 cents. Diesel is down about 17.8 cents in a month and up $3.01 in a year; gasoline is down 59.7 cents in a month and up $1.05 in a year. EIA’s survey for the week of Monday, November 2 put California on-highway diesel at $8.076, down 7.9 cents, against a national average of $6.292, down 6.0 cents; EIA California regular was about $5.748, down 14 cents. EIA samples Monday and AAA reports Sunday, so the two will not always agree on size in a given week. Here is the number that matters: all nine Valley metros fell, by 8 to 23 cents, and the statewide pump is now a third of a dollar under its record. EIA’s next survey posts this afternoon.

CA Diesel

$8.171

statewide · AAA 11/8

▼ 19¢ wk · 34.2¢ under record.

CA Regular

$5.751

statewide · AAA 11/8

▼ 15¢ wk · 59.7¢ in a month.

Brent Crude

$98.32

Jan settle · Fri 11/6

▼ $15.11 wk · WTI $90.83.

Distillate

99.3M bbl

US stocks · wk 10/30

▼ 3.6M · 13% under 5-yr.

Central Valley & Reference Markets, On-Highway Diesel

Market

Diesel

Note, and where regular sits

Merced

$8.176

▼ 8¢

Down 8.4 cents, the smallest drop on this table. 0.6¢ over the state average. 16.2¢ under its record. Regular $5.677, down 19.2¢. AAA, November 8.

Bakersfield

$8.142

▼ 14¢

Down 14.2 cents. 2.9¢ under the state average. 21.5¢ under its record. Regular $5.943, down 12.9¢. Priciest gasoline in the Valley. AAA, November 8.

Stockton–Lodi

$8.036

▼ 18¢

Cheapest diesel in the Valley, down 17.9 cents. 13.4¢ under the state average. 37.9¢ under its record. Regular $5.579, down 13.9¢. AAA, November 8.

Sacramento

$8.102

▼ 23¢

Down 22.9 cents, the biggest drop on this table. 6.9¢ under the state average. 36.2¢ under its record. Regular $5.682, down 17.0¢. AAA, November 8.

Modesto

$8.220

▼ 16¢

Down 15.6 cents. 4.9¢ over the state average. 31.6¢ under its record. Regular $5.543, down 16.6¢. Cheapest gasoline in the Valley. AAA, November 8.

Hanford–Corcoran

$8.097

▼ 20¢

Down 20.3 cents. 7.4¢ under the state average. 46.7¢ under its record. Regular $5.626, down 18.9¢. AAA, November 8.

Visalia–Tulare

$8.179

▼ 13¢

Down 12.6 cents. 0.8¢ over the state average. 37.5¢ under its record. Regular $5.678, down 14.1¢. AAA, November 8.

Madera–Chowchilla

$8.277

▼ 16¢

Dearest diesel in the Valley, down 15.7 cents. 10.7¢ over the state average. 22.5¢ under its record. Regular $5.703, down 11.4¢. AAA, November 8.

Fresno

$8.231

▼ 23¢

Down 22.6 cents. 6.0¢ over the state average. 31.1¢ under its record. Regular $5.698, down 13.8¢. AAA, November 8.

California avg.

$8.171

▼ 19¢

AAA, November 8, down 18.6¢ on the week and 34.2¢ under the $8.5123 record set October 18. Down about 17.8¢ in a month and up $3.01 in a year. EIA’s week-of-11/2 survey printed $8.076, down 7.9¢. Regular $5.751, down 15.4¢ on the week and 59.7¢ in a month, up $1.05 in a year, and 68.6¢ under the $6.4375 record of June 2022.

West Coast (PADD 5)

$7.272

▼ 6¢

EIA, week of 11/2, down 5.7¢. Includes California, Oregon, Washington, Nevada, Arizona and others. California on-highway diesel at $8.076 sits 80.4¢ above the region as a whole. We did not source a West Coast less California figure this week.

U.S. avg.

$6.292

▼ 6¢

EIA, week of 11/2, the DOE figure your hauler’s surcharge runs off. It fell 6.0¢ while California fell 7.9¢, so the California diesel premium narrowed to $1.78 from $1.80. National regular $4.153, down 11.6¢.

Diesel detail: Off-road dyed diesel is exempt from California’s 48.2¢ state excise and the 24.4¢ federal excise, roughly a 72.6¢ per gallon spread before sales tax. At Fresno’s $8.231 pump that puts dyed product near $7.51 a gallon, about $7,505 to fill a 1,000-gallon on-farm tank, roughly $226 less than last week. Price your rack and cardlock against these numbers, not the sign on the highway. Here is the test for your delivered price: crude fell about 13% last week and the statewide pump fell 18.6 cents. We could not source a Los Angeles diesel spot print after October 27 ($5.054), so we cannot tell you where wholesale sits now. The EIA weekly spot release lands Wednesday, November 11 and will show it. If your delivered price did not come down this week, ask your supplier where the difference went.

For your surcharge tables. The DOE national on-highway diesel average of $6.292 for the week of November 2 governs fuel surcharges this week. It fell 6.0 cents while California fell 7.9, and the California premium is still $1.78 a gallon over the national number. A Gulf Coast index will not move with a Central Valley load. The fix has not changed: index to the EIA California series or a West Coast rack, get it in writing, and stop letting a national number price a local haul.

🔮

Section 2

The Week Ahead: Our Forecast

For the week of November 9 through 15. WTI settled Friday at $90.83, down 12.8% on the week, and Brent’s January contract at $98.32. US distillate stocks drew 3.6 million barrels to 99.3 million, 13% under the five-year average and, per one analyst, the first time under 100 million since 2003. Crude fell hard on deal hopes, and the forecast turns on whether those hopes survive the week.

Fuel

Expected Range

Direction

CA On-Highway Diesel
(AAA, Sun 11/15)

$7.95 – $8.15

▼ Lower, with the pump still catching down. Crude fell 13% and the pump has followed about 19¢ so far. By our rule of thumb a $10 move in crude is worth about 24¢ a gallon of diesel, so $13 is roughly 31¢, and the pump has not delivered all of it. Thin distillate stocks keep us from calling a collapse. We put the odds of a new record at under 5%. The $8.5123 record is 34.2¢ above where we sit.

CA Regular Gasoline
(AAA, Sun 11/15)

$5.60 – $5.72

▼ Lower. Retail fell 15.4¢ this week and 59.7¢ in a month, and US gasoline stocks are 209 million barrels, 2% under normal but not tight. We did not source a Los Angeles gasoline spot print this week, so this call rests on crude and retail momentum. The $6.4375 record is 68.6¢ away.

EIA Print, Mon 11/9

CA diesel $7.84 – $7.96
CA regular $5.55 – $5.66

▼ Lower on both. EIA ran about 28¢ under AAA on diesel and 16¢ under on regular last week, so we applied those gaps to Sunday’s AAA read. The survey posts this afternoon, after you read this.

Central Valley Retail

Diesel 13¢ under to 11¢ over state avg.

↔ Holding its shape. All nine metros fell. Stockton–Lodi is your cheapest fill at $8.036, Madera–Chowchilla your dearest at $8.277, a 24-cent spread across the same valley, the same as last week.

Crude (WTI)

$84 – $98

↔ Wide range, headline driven. Settled $90.83 Friday after a 12.8% weekly drop. Reports say Iran sent a proposal through Qatar and Qatar put a two-stage, 48-hour plan to both sides, but Iran’s army spokesman says Hormuz stays closed until the US accepts Tehran’s conditions. A deal could take another $5 to $10 off; a collapse of talks could put $100 back in view fast. One analyst, Rapidan’s Bob McNally, puts the odds at 80% that fighting resumes.

Brent–WTI Spread

$5 – $11

↔ Near $7 to $8. Brent’s January contract at $98.32 against December WTI at $90.83 is $7.49. Brent carries the Middle East shipping risk premium, so the spread widens if talks fail.

▲ Pushing Prices Up

Hormuz is still disrupted. Iran’s army spokesman said Hormuz reopens only when the US accepts Iran’s conditions, and Trump confirmed “minor strikes” on Qeshm Island on November 6. Iranian state media claimed tankers hit mines; those claims are unverified. One seafarer was reported killed on an oil products vessel on November 5.

Diesel stocks are thin. Distillate inventories drew 3.6 million barrels to 99.3 million when analysts expected a 0.1 million draw. Commercial crude fell to 409.8 million, 4% under the five-year average, and refinery utilization rose to 94.5%.

A rate scare. October jobs came in at 165,000 against about 65,000 expected, and December Fed hike odds are reported near 77% to 80%. A stronger dollar is a small headwind for crude, but higher rates raise operating-loan costs for you.

▼ Holding Prices Down

Crude fell 13% and retail is still catching down. WTI lost $13.29 and Brent $15.11 on the week. The pump fell 18.6 cents on diesel, which is less than the crude drop is worth.

Deal hopes. Reports say the November 3 midterm results raised expectations that Washington will pursue a settlement, and Iran sent a nuclear proposal through Qatar. Qatar’s two-stage, 48-hour plan went to both sides on November 6. Neither had accepted it as of November 7.

Supply signals. One report said Middle East crude exports have recovered and analysts see evidence of excess crude supply and weaker demand. Gasoline stocks are 209 million barrels and fell only 0.2 million. We are not planning around a deal this week.

Our read: The scorecard first. We called California diesel flat to slightly lower at $8.25 to $8.42. AAA came in at $8.1705, 7.95 cents under the bottom of our range. We had the direction right and the size too small, and we called no record, which held. EIA diesel at $8.076 landed inside our $8.04 to $8.16, AAA regular at $5.7512 landed 2.9 cents under our $5.78 to $5.90, and EIA regular at about $5.748 landed inside our $5.73 to $5.82. On crude we were wrong. We called WTI biased higher at $97 to $112 and it settled at $90.83, $6.17 under the bottom, as the election and deal hopes pulled crude down 12.8%. The Brent–WTI spread at $7.49 sat inside our $7 to $13. We named three things that would prove the call wrong: a Los Angeles weekly average rising, Brent above $108, and a headline-driven jump. We could not source a Los Angeles print after October 27, Brent settled at $98.32, and no jump came. Here is where we are now: the pump is catching down to crude, which is why we lean lower. What we’d do with that: buy diesel as you use it and do not sign a term price above this week’s level, because a deal could take it lower and the risk is a headline jump the other way. Do not run tanks low waiting for the last nickel. On gasoline, buy what you need; it is drifting lower. What would prove this call wrong: Brent back above $105, or talks collapsing and Hormuz shipping getting worse.

⚡

Section 3

Your Other Energy Costs

Propane held near $1.20 and natural gas came back to $3. PG&E’s agricultural winter season, which began October 1, enters its sixth week. The thing to watch in power is not this week but January 1, when an interim PG&E rate increase could begin if the CPUC approves it on November 19.

Input

Where It Is

What It Means for You

Electricity
(pump power)

Winter season, week six
~35¢/kWh blended

Still the cheapest thing on this page, and the gap to diesel is holding. The peak window has been 5–8 p.m. every day this winter season, and the seasonal energy charge is below the summer level (we did not re-verify the window this week). One item to put on your calendar: a CPUC proposed decision would let PG&E recover up to $456 million in revenue requirement on an interim basis starting January 1, 2027, until its General Rate Case is decided. It was held to the CPUC meeting on November 19. We do not have an ag-schedule rate impact for it yet. The 35¢ figure is our blended planning estimate. Pull your own tariff before you budget against it.

Natural Gas
(Henry Hub)

Back near $3
~$3.00 (futures)

Natural gas futures rebounded above $3.00 early on Friday, November 6, per Natural Gas Intelligence; that is an intraday level, not a settle, and we did not source a settlement price. EIA reported a 77 Bcf storage injection on November 5, lighter than expected, which widened the storage surplus to 1.4% above the five-year average. Gas is still far and away your cheapest thermal Btu against $8.17 diesel. We did not source a PG&E citygate or SoCal border price this week.

Propane

Holding near $1.20
$1.195 Mont Belvieu

EIA’s daily Mont Belvieu print was $1.195 on November 3, $1.209 on November 2 and $1.285 on October 30. Daily prints have been jumpy. That is the latest print we could source; the next EIA release is Thursday, November 12. It has not rolled over with crude. If you have not booked frost-protection, dryer and heater gallons, we would finish those this week and next, before the heating season pulls demand harder.

LCFS &
Cap-and-Invest

Allowances $32.48
Next auction Nov 18

California cap-and-invest allowances cleared at $32.48/ton at the August auction (carried from our last check; the CARB pages would not open this week). The next joint auction with Québec is November 18. We did not source a fresh LCFS credit price this week, so we are not quoting one. CARB has also proposed carbon capture, removal and storage rules that would amend the LCFS, with a public comment period opening October 30 and an anticipated end of December 14. These costs do not fall when crude falls. They are the permanent floor under the California premium.

Off-Road /
Dyed Diesel

Tracking on-highway
~73¢ tax spread

Dyed diesel is exempt from California’s 48.2¢ state excise and the 24.4¢ federal excise, about 72.6¢ a gallon before sales tax. That spread is fixed, so your bulk delivered price tracks on-highway in both directions. The last Los Angeles diesel spot print we could source was $5.054 on October 27. The next EIA weekly spot release lands Wednesday, November 11.

Diesel pumping versus electric, at this week’s prices. The gap narrowed. A diesel irrigation engine burns roughly 0.055 gallons per horsepower-hour at load. A 100-HP unit running eight hours is about 44 gallons a day, at Fresno’s $8.231 that is $362 a day, down from $372 last week. The same duty on an electric motor at 83 kW is 664 kWh; at 35 cents a kilowatt-hour that is $232. That is $130 a day, per pump, for running the wrong one, down from $140 last week. Over a 30-day month on three pumps it is about $11,700. Those figures use a 35-cent blended rate and standard engine fuel maps; pull your own tariff and your own engine curve before you commit, because both vary by operation.

What this week cost a 10,000-gallon harvest program. Statewide diesel slipped 18.6 cents in seven days. On 10,000 gallons that is about $1,860 less, with no change in what you actually did. Step back to thirty days and statewide diesel is down about 17.8 cents a gallon, or $1,780 less to run the same program, and a year ago the same gallons cost $30,080 less. The pump gave back a real chunk of the record this week, and it still has room to follow crude down.

📰

Section 4

News Behind the Numbers

Global · Highest Impact

WTI Fell 12.8% to $90.83 and Brent 13.3% to $98.32 as Deal Hopes Grew, but Hormuz Is Not Open

WTI settled Friday at $90.83, down $13.29 on the week, and Brent’s January contract at $98.32, down $15.11 against the matching contract a week earlier. Some outlets quote a 16% Brent drop by comparing to the expiring December contract at $117.64; we use the matching contract. Reports say the November 3 midterm results and an Iranian proposal sent through Qatar lifted expectations of a diplomatic settlement. There is no agreement. Iran’s army spokesman said Hormuz stays closed until the US accepts Iran’s conditions, and Trump confirmed “minor strikes” on Qeshm Island on November 6. Tanker attacks continued through the week, and several of the mine and fire claims come from Iranian state media and are unverified. What it means for your fuel bill: a $10 move in a barrel of crude is worth about 24 cents a gallon of diesel, so this drop is worth roughly 31 cents that the pump has only partly passed on. A failed deal would put that back.

Refining · Stocks

US Distillate Stocks Fell 3.6 Million Barrels to 99.3 Million, 13% Below Normal

EIA’s weekly table for the week ending October 30 put US distillate inventories at 99.3 million barrels, down 3.6 million when analysts expected a 0.1 million draw. An analyst at Saxo said it is the first time under 100 million barrels since 2003. Commercial crude fell 0.9 million barrels to 409.8 million when analysts expected a 0.9 million build, gasoline fell 0.2 million to about 209 million, and refinery utilization rose 1.7 points to 94.5%. The Strategic Petroleum Reserve stands at 282.2 million barrels, down 31% from a year ago. Why it matters on the ground: thin diesel stocks are the reason we do not call a big drop even with crude down 13%. Gasoline is better supplied, which is why we lean lower there.

Macro · Rates

October Jobs Beat by 100,000 and Fed Hike Odds Climb Toward 80%

The US added 165,000 jobs in October against about 65,000 expected, and reports put the odds of a December Fed rate hike near 77% to 80%. The October CPI report lands Tuesday, November 10. For you: a stronger dollar leans on crude, but higher rates raise the cost of operating loans and equipment financing. Fuel is falling and credit may be getting dearer, so watch both lines when you budget 2027.

Policy · Relief

USDA Harvest Fuel Relief: Title I Rates Promised for November, Nothing Posted Yet That We Could Find

USDA’s $8 billion Harvest Fuel Relief program, administered by the Farm Service Agency, will pay a uniform per-acre formula based on modeled 2026 costs, not your fuel receipts. USDA said in its October 19 announcement that commodity-specific rates for Title I commodities would be released in November, and that the method for other commodities would come later. We found no rate table or sign-up date as of this issue. Specialty crop growers, which is most of the Valley, are asked to send fuel cost data to HarvestFuel@usda.gov, and producers can set up a Login.gov account now to get a pre-filled application. What it means for your costs: nothing changes at the rack, and we would still not budget against money with no published rate.

California · Supply & Power

CPUC Holds PG&E Interim Rate Item to November 19; CEC Opens Refinery Resupply Workshop Today

The CPUC’s October 29 agenda carried a proposed decision that would let PG&E recover up to $456 million in revenue requirement on an interim basis starting January 1, 2027, until its General Rate Case is decided. It was held to November 19. Separately, the California Energy Commission holds a workshop today, November 9, on its refinery resupply rulemaking under AB X2-1 and SB X1-2. Argus reported in September that Phillips 66’s Los Angeles refinery closed in late 2025 and Valero’s Benicia refinery was indefinitely idled in 2026, costing California an estimated 17% of its refining capacity. Why it matters on the ground: the $1.78 premium California diesel carries over the national number is structural. It narrowed a little this week, but it did not go away.

✅

Section 5

What To Do This Week

✓ Action Items

1. Buy diesel as you use it, and do not chase. Crude fell 13% and the pump is still catching down, but a failed Iran deal could reverse that in a day. Do not sign a term price above this week’s level, and do not run tanks low waiting for the last nickel.

2. Make your supplier pass the drop through. Crude lost 13% and the statewide pump fell 18.6 cents. Ask for the rack reference on every delivery ticket, with language that moves your price down when the rack moves down.

3. Buy gasoline as you need it. Regular fell 15.4 cents and we expect it to keep easing. Do not tank up early.

4. Book propane this week. Mont Belvieu printed $1.195 on November 3, holding near $1.20 while crude fell. Finish your frost-protection, dryer and heater gallons now.

5. Index your surcharges to California. The DOE national average fell 6.0 cents while California fell 7.9, and California still sits $1.78 over the national number. Put the EIA California series or a West Coast rack in writing on every hauling contract.

6. Send USDA your fuel numbers. Specialty crop growers are asked to email fuel cost data to HarvestFuel@usda.gov, and Title I rates are promised for November. Create a Login.gov account now, keep fuel receipts and acreage records ready, and do not count on the payment in your budget.

7. Put November 19 on your calendar. The CPUC is expected to take up a PG&E interim rate increase for January 1, 2027. Pull your ag tariff and ask your PG&E rep what it means for your pumps before you set your 2027 power budget.

👀 What We’re Watching This Week

Monday, Nov. 9: EIA weekly retail gasoline and diesel survey posts this afternoon. Our call is California diesel $7.84–$7.96 and regular $5.55–$5.66. California Energy Commission workshop on the refinery resupply rulemaking. Watch the crude open for the weekend reaction on Iran and Hormuz.

Tuesday, Nov. 10: US October CPI at 8:30 a.m. ET, and the EIA Short-Term Energy Outlook. API stocks report after the close.

Wednesday, Nov. 11 (Veterans Day): OPEC monthly oil market report. EIA Weekly Petroleum Status Report; go straight to the distillate line, and confirm the release time because the holiday can move it. Also the EIA weekly spot price release with the Los Angeles diesel print: that number tells us whether wholesale is following crude down.

Thursday, Nov. 12: EIA natural gas storage report, and EIA’s next propane price release.

Sunday, Nov. 15: AAA’s weekly read, and whether California diesel breaks under $8.15.

Later: November 18 cap-and-invest joint auction, November 19 CPUC meeting, and the OPEC+ ministerial on November 29.

Ongoing: Qatar-mediated US–Iran talks, tanker incidents in and near Hormuz, and any resumption of US strikes.

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B Mello Ag Services, Central Valley, California

B Mello Ag Services · Central Valley, CA

Weekly Energy Update · Week 46 · Published Monday, November 9, 2026

Every issue we have ever published is free at bmelloag.com/reports, field conditions, ag crime, markets, fuel and fishing.

(559) 816-3889 · bryan@bmelloag.com

This Weekly Energy Update is provided for informational and educational purposes only. Fuel, power and commodity prices are sourced from publicly available market and industry reports as of the publication date and are subject to rapid change; figures are approximate and forward-looking statements reflect our current market view, not a guarantee. Retail averages will differ from your rack, cardlock or contract pricing. Pumping efficiency figures are engineering estimates based on standard formulas and house assumptions; your own tariff, engine curve, lift and water quality will change the result. This publication does not constitute financial, legal, or agronomic advice. Always consult a licensed commodity broker before making marketing or hedging decisions and a licensed PCA/CCA before making agronomic decisions. B Mello Ag Services assumes no liability for decisions made based on information in this publication.

Data sources: AAA Fuel Prices California statewide and metro averages as of November 8, 2026, including recorded highs; U.S. Energy Information Administration weekly retail gasoline and diesel price survey for the week of November 2, 2026 (next release Monday, November 9, 2026), as reported by Blue Book Services of November 3 and OilPriceAPI, with the California regular figure derived from Blue Book’s reported 14-cent decline; EIA Weekly Petroleum Status Report tables for the week ending October 30, 2026 as reported November 4 by Reuters via the BOE Report and by Rigzone of November 6; EIA daily spot series for Los Angeles ultra-low-sulfur diesel through October 27, 2026 and Mont Belvieu propane through November 3, 2026, via FRED; EnergyNow and FinanceFeeds reporting of November 6 to 7, 2026 for the NYMEX WTI and ICE Brent settlements of Friday, November 6, 2026; House of Saud and Startup Fortune reporting of November 7 to 8, 2026 on Iran, Hormuz and the midterm elections (several claims unverified); Natural Gas Intelligence of November 5 to 6, 2026 for Henry Hub futures and the EIA storage report; Stoel Rives regulatory update of October 28, 2026 for the CPUC, CEC and CARB items; Argus Media of September 2, 2026 on West Coast refinery capacity; Blue Book Services of October 20, 2026 on the USDA Harvest Fuel Relief announcement of October 19, 2026. Cap-and-invest allowance price and the dyed-diesel tax spread carried from our prior issue. Retail prices will differ from your rack, cardlock or contract pricing.

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