Crude Oil

U.S. average retail regular gasoline price near $3 per gallon

At the beginning of this week, the U.S. average retail price for regular gasoline was $3.06 per gallon (gal), $0.64/gal lower than the June average price and the lowest average price for any week since December 2010. FULL STORY »

Crude oil exports continue to rise

The United States exported 401,000 barrels per day (bbl/d) of crude oil in July 2014, the highest level of exports in 57 years and the second highest monthly export volume since 1920, when EIA’s published data starts. FULL STORY »

Role of benchmarks in the global crude oil market

The Brent-WTI spread, the difference between the front month futures price of North Sea Brent crude oil and that of West Texas Intermediate (WTI) crude oil, narrowed to $2.00 per barrel (bbl) as of October 15, after reaching a 2014 high of $14.95/bbl in January (Figure 1). FULL STORY »

Falling gasoline prices: There are lots of reasons why

Plummeting gasoline prices are the result of lagging economic growth in many parts of the world, the end of the summer driving season, less expensive winter gasoline and well-functioning Midwest refineries, Purdue University energy economist Wally Tyner says. FULL STORY »

Heating costs projected lower for this winter

EIA projects average U.S. household expenditures for natural gas, heating oil, electricity, and propane will decrease this winter heating season (October 1 through March 31) compared with last winter, which was 11% colder than the previous 10-year average nationally. FULL STORY »

Heating oil, propane expenditures projected lower than last year

Autumn arrived in the Midwest and the Mid-Atlantic states last week as temperatures turned noticeably colder and snow fell across Wisconsin and Minnesota. FULL STORY »

National Farmers Union asks EPA to stay the course on RFS

In a recent op-ed published in the Fort Worth Star-Telegram, National Farmers Union (NFU) President Roger Johnson called for the U.S. Environmental Protection Agency (EPA) to stay the course and not scale back the volume targets for the Renewable Fuel Standard (RFS). FULL STORY »

West Coast refineries continue to receive crude via rail

While EIA currently does not collect data on domestic movements of crude oil and products by rail, an examination of EIA data reveals that there is a growing supply of crude to the West Coast (PADD 5) that is not explicitly accounted for by production, imports, or movements from other PADDs via pipeline, tanker or barge (Figure 1). FULL STORY »

Decline in oil prices caused by weak demand, good supply

North Sea Brent crude oil prices have remained under the symbolic $100/barrel level since September 5, falling to $94.13/barrel this afternoon, the lowest level in more than two years. FULL STORY »

Gas, diesel prices down this week

Over the past few days, global crude oil prices have declined because of ample supply compared with demand, with U.S. crude prices falling more than Brent. As a result, the Brent-WTI spread has widened, reaching $6.79 on August 6. FULL STORY »

STEO: Iraqi unrest puts pressure on world oil

Unrest in Iraq put upward pressure on world oil prices last month, helping North Sea Brent crude oil spot prices reach their highest daily level of the year at just over $115/barrel (bbl) on June 19. North Sea Brent crude oil spot prices increased from a monthly average of $110/bbl in May to $112/bbl in June. FULL STORY »

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