Crude Oil

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 »

2014 U.S. refinery update, gas and diesel prices increase

The U.S. Energy Information Administration (EIA) surveys U.S. refinery ownership and capacity annually at the start of each year. As of January 1, 2014, according to the EIA Refinery Capacity Report released today (June 25), there were 139 operating refineries and three idle refineries FULL STORY »

Crude oil inventories remain near historical highs

On May 9, Gulf Coast (PADD 3) crude oil inventories reached a record level of 215.7 million barrels (Figure 1), and since then have remained near historically high levels. These higher inventories have been attributed to logistical changes. FULL STORY »

Retail gas prices forecast four cents higher than last year

During the April-through-September summer driving season this year, regular gasoline retail prices are forecast to average $3.62/gallon (gal), 4 cents higher than last year. FULL STORY »

Recent spikes in domestic crude oil spark discussion

The U.S. Energy Information Administration (EIA) recently released a paper providing a short-term forecast of domestic crude oil production by type, supplementing the overall production forecast provided in the Short-Term Energy Outlook (STEO). FULL STORY »

U.S. crude oil exports continue to rise

The United States exported 246,000 barrels per day (bbl/d) of crude oil in March 2014 (the latest data available from the U.S. Census Bureau), the highest level of exports in 15 years (Figure 1). Exports have increased sharply since the start of 2013 and have exceeded 200,000 bbl/d in four of the last five months. FULL STORY »

Gas and diesel prices decrease

n its May Short-Term Energy Outlook (STEO), EIA forecasts that the spot price of North Sea Brent crude oil will fall through the remainder of 2014, declining from current levels of $108 per barrel (bbl) to average $103/bbl during the fourth quarter. FULL STORY »

Gasoline prices expected to fall by Summer's end

During the April-through-September summer driving season this year, regular gasoline retail prices are forecast to average $3.61/gallon (gal), 3 cents higher than last year and 4 cents higher than projected in last month's STEO. FULL STORY »

U.S. average gas price up by 3 cents

The U.S. average retail gasoline price increased three cents this week to $3.71 per gallon as of April 28, 2014, 19 cents more than the same time last year. FULL STORY »

U.S. liquid fuel production slows down

Weather conditions in the Lower 48 states during December 2013 and January 2014 caused operational issues in key producing regions. While a temporary slowdown in well completion activity resulted in flat crude oil production during those months, much of the production slowdown is expected to be made up by accelerated completion activity over the next few months. FULL STORY »

EIA expects global oil consumption to grow in 2014

EIA estimates that global consumption grew by 1.2 million bbl/d in 2013, averaging 90.4 million bbl/d for the year. EIA expects global consumption to grow 1.2 million bbl/d in 2014 and 1.4 million bbl/d in 2015. FULL STORY »

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