Supply Explorer
Rack market

Billings, MT

#151 of 422 U.S. rack markets by terminals

OPIS rack city 780 Gasoline & diesel Aviation gasoline Ethanol
terminals
2
pipeline systems delivering
1
refineries confirmed
1
more per research or by route
2
people in the trade area
238,525
gal/day gasoline · estimated demand
328,803
gal/day diesel · estimated demand
176,459

Terminals in this market

The racks that post prices in this market. Pipelines = systems with a tariff delivery point at the terminal.
Sign in to download terminals
Terminal TCN Location Delivered by
Chs Laurel Refinery T-81-MT-4005 Laurel, MT no pipeline tariff on file
Conocophillips T-81-MT-4000 Billings, MT Yellowstone Pipeline

Pipelines delivering to this market

Each system with a tariff delivery point at one of this market’s terminals, and how many running refineries can ship on it to here.

Pipeline system Terminals here Delivery points Refineries confirmed All reachable
Yellowstone Pipeline 1 1 1 3

Refineries that can supply this market

Running refineries that can reach a terminal here by published route, including across connecting carriers, confirmed links first. 1 are confirmed or named in a tariff; 2 are per research; 0 are inferred because the refinery shares a city with a tariff origin. Capacity, contracts and who actually ships are not known from tariffs.
Sign in to download refineries
Refinery Location Via Link
Par Montana Billings Refinery (formerly ExxonMobil Billings) Billings, MT Yellowstone Pipeline confirmed
CHS Inc. Laurel Refinery (Cenex) Laurel, MT Yellowstone Pipeline per research
Phillips 66 Billings Refinery Billings, MT Yellowstone Pipeline per research

Trade area

people in the trade area · 2025 estimate
238,525
rank of 422 rack markets by people
#303
gallons of gasoline a day · estimate, 2025
328,803
gallons of diesel a day · estimate, 2025
176,459
counties wholly in this market
5
counties shared with other markets
11
An estimate of who lifts here. Each county goes to its nearest rack market with terminals; a market within 1.5 times that distance (or 25 miles more) shares it, up to 4 markets, weighted toward the closer one and the one with more terminals. Distances are straight-line from the county’s centre. Shares of a county always add to 100%, so the people counted across all markets add back to the U.S. total.
Sign in to download counties
County State Share here People counted here Gasoline gal/day Diesel gal/day County population Miles
Yellowstone County MT 100% 172,692 181,270 74,349 172,692 23
Park County WY 46% 14,395 29,581 17,380 31,171 97
Carbon County MT 100% 11,466 21,737 10,337 11,466 39
Stillwater County MT 100% 9,445 23,628 23,667 9,445 37
Big Horn County MT 60% 7,626 18,678 15,578 12,752 58
Musselshell County MT 100% 5,582 7,033 3,477 5,582 55
Teton County WY 21% 4,928 14,064 6,331 23,333 145
Rosebud County MT 45% 3,744 7,732 5,792 8,253 99
Fergus County MT 27% 3,157 4,232 1,754 11,825 108
Sweet Grass County MT 41% 1,525 7,622 8,527 3,762 64
Phillips County MT 26% 1,076 1,756 832 4,203 178
Golden Valley County MT 100% 844 3,294 1,799 844 53
Wheatland County MT 29% 606 1,539 754 2,100 80
Treasure County MT 76% 551 4,027 4,529 728 74
Garfield County MT 47% 545 1,573 811 1,148 132
Petroleum County MT 63% 345 1,042 544 548 100

Fuel demand is an estimate: each state’s taxed gallons for the year (FHWA) are split among its counties by where the driving happens (EPA county vehicle miles, weighted by how much fuel each vehicle type burns), then shared to markets as above. Every state adds back to its FHWA total. Gasoline includes the ethanol blended into it; diesel is FHWA’s special fuels. Expect diesel to be least reliable along long-haul corridors, where trucks buy fuel in one county and burn it in another. Population: U.S. Census Bureau county estimates.

How good is it? Checked in October 2026 against the county retail sales Iowa and California publish: for gasoline, about 3–5% of gallons landed in the wrong rack market and a typical market was within 5–6%. For diesel, 14–21% landed in the wrong market and a typical market was 30–45% off, with truck-stop corridors such as Bakersfield and Stockton under-counted. Treat gasoline as a working estimate and diesel as a rough guide.

Cost to serve this market by pipeline

What it costs to move a gallon here from each pipeline origin at filed tariff rates: line-haul, the cost of financing the product on the way and in the tank, pipeline loss, and terminaling. It is a cost at filed rates, not a market price: add it to the origin spot price for a delivered cost. Lines marked "estimate" are placeholders until the pipeline or terminal figure is on file; in the routes table, * marks a figure taken from the tariff.

Diesel: product adder

¢/gal · lowest adder
3.87
¢/gal · line-haul tariff · published
1.33
¢/gal · carrying cost · calculated
0.57
¢/gal · pipeline loss · estimate
0.47
¢/gal · terminaling · estimate
1.50
days financed
7.5

Lowest route: from Billings, Montana on Yellowstone Pipeline to Alkali Creek Junction, Montana (Montana P.S.C. No. 48.19 item Table of Rates).

How the lowest adder is worked, line by line
Line ¢/gal Basis Source or working
Line-haul tariff 1.326 published Yellowstone Pipeline Montana P.S.C. No. 48.19 item Table of Rates: Billings, Montana (Billings-area refineries) → Alkali Creek Junction, Montana, 55.68 ¢/bbl
Carrying cost 0.570 calculated $4.700000/gal × 5.9000% ÷ 365 × 7.500 days (0.000 in transit, 2.50 waiting on the cycle, 5.00 in terminal inventory); transit estimated: 0 pipeline miles at 4.0 mph (general estimate)
Pipeline loss 0.470 estimate flat estimate $0.0047/gal, applied 1 time
Terminaling 1.500 estimate Flat estimate: no fee on file for this terminal
Product adder 3.866 Sum of the lines above, over the origin spot price
Inputs and assumptions behind these figures
  • Product value (for carrying cost and loss only): the prior day's spot price. Gasoline: OilPriceAPI GASOLINE_RBOB_USD, 2026-10-07. Diesel: OilPriceAPI HEATING_OIL_USD, 2026-10-07. These are the New York Harbor futures benchmarks, not a Gulf Coast price.
  • Interest rate: SOFR 3.90% (2026-10-06) + 2.0 points.
  • Transit (estimate): straight-line miles between the tariff origin and delivery point × 1.15, at 4.0 mph unless the pipeline has its own figure.
  • Days financed (estimate): transit, plus half a 5-day shipping cycle waiting to lift, plus 5 days of stock at the terminal.
  • Pipeline loss: the charge or volume deduction the tariff states, where it states one (marked *; a deduction is costed at the product value above). Otherwise an estimate of 0.10% of product value per pipeline, two for a joint rate; that includes pipelines that share out actual losses without publishing a figure.
  • Terminaling: the carrier's terminal charge where its tariff states one (marked *), otherwise a flat 1.5¢/gal estimate.
  • Rates used: each pipeline's ordinary filed rate. Committed, volume-tier, discount and bid rates are left out, as are conditional fees (shown on each pipeline page), additives, taxes and the value of line space.
  • Assumption set in force from 2026-10-01; review by 2027-01-01.
Sign in to download cost to serve

Published line-haul rates, all products and rate types

¢/gal · cheapest diesel · from Billings, Montana on Yellowstone Pipeline
1.33
Published line-haul rates into a terminal here, cheapest first (1 of 1 routes). Add the origin spot price for a delivered cost; compare that with the rack price for the netback. Not included: terminal throughput and rack fees, and the 0 conditional tariff fees listed on each pipeline page.
Sign in to download routes
Origin Pipeline Delivery point Product ¢/bbl ¢/gal Refineries at the origin Tariff
Billings, Montana (Billings-area refineries) Yellowstone Pipeline Alkali Creek Junction, Montana per research distillate 55.68 1.33 CHS Inc. Laurel Refinery (Cenex); Par Montana Billings Refinery (formerly ExxonMobil Billings); Phillips 66 Billings Refinery Montana P.S.C. No. 48.19 item Table of Rates

Supply resilience

pipeline supply
One pipeline
pipeline systems delivering
1
terminals on two or more pipelines
0
terminals with no pipeline tariff
1

One pipeline system delivers here: Yellowstone Pipeline. An outage on it leaves the market to truck, rail or water.

If a pipeline system goes down

Pipeline system Terminals it reaches here With no other pipeline Which
Yellowstone Pipeline 1 1 Conocophillips

Counts pipeline systems with a tariff delivery point here, not capacity, storage or contracts. A system with two lines into the market still counts once, and a terminal with one pipeline may also receive by truck, rail or water. For a refinery or pipeline outage across every market it touches, open that facility’s page.

Rates are pipeline line-haul transcribed from published FERC tariffs; every figure cites its tariff and item. Cost to serve (netback) adds origin spot price and destination fees. "Confirmed" links match a tariff delivery point to the facility; "same city" means the point is in the facility's city — plausible, not proof; "per research" means the facility's research profile names the pipeline as an outlet.