Crude Oil

Energy Outlook: Gasoline prices down, Oil flat

During the April-through-September summer driving season this year, regular gasoline retail prices are forecast to average $3.57/gallon (gal). The projected monthly national average regular retail gasoline price falls from $3.66/gal in May to $3.46/gal in September. FULL STORY »

Natural Gas Weekly: Consumption sets winter record

Total natural gas consumption in the United States rose to a record average of 90.6 billion cubic feet per day (Bcf/d) this winter, according to data from Bentek Energy. Cold weather drove total consumption up by 8% over last winter's levels, despite higher prices. FULL STORY »

Rapid rise in ethanol prices reflects logistical problems

Ethanol spot prices have increased steadily since early February. By late March, New York Harbor (NYH) spot ethanol prices exceeded prices for RBOB (the petroleum component of gasoline) by more than $1 per gallon (Figure 1). Ethanol spot prices in Chicago and Gulf Coast markets also rose above NYH RBOB prices. FULL STORY »

This week in petroleum: Spring break rush on Gulf Coast

Gasoline consumption in Florida typically peaks in March, when seasonal population is high and spring break travelers and baseball fans arrive for some time in the sun. Through the rest of the spring and into the summer, gasoline consumption typically declines as tourism slows and seasonal residents head north to escape the heat. This consumption pattern differs from that of in other states, where gasoline consumption typically peaks in July and August and is lowest during the winter months. FULL STORY »

Crude oil inventories at lowest level since 2012

Crude oil inventories at Cushing, Oklahoma, the primary crude oil storage location in the United States and the delivery location for the New York Mercantile Exchange (Nymex) West Texas Intermediate (WTI) crude oil futures contract, declined 12 million barrels (29%) over the past seven weeks. On March 14, 2014, Cushing inventories were 30 million barrels, 19 million barrels lower than a year ago and the lowest level since early 2012. FULL STORY »

Natural Gas Weekly Update: March 13, 2014

Most recently, prices rose to the $8/MMBtu range in early March when cold weather in Eastern markets contributed to lower supply in California. FULL STORY »

Natural Gas Outlook: Consumption down, Production to grow

More frigid weather in February led to another large downward revision to the STEO's end-of-March 2014 projection for working natural gas inventories. Projected inventories now end March at 965 billion cubic feet (Bcf), ending the season below 1,000 Bcf for the first time since 2003. Much colder-than-normal temperatures in February led to large stock withdrawals in response to high demand from the residential, commercial, and electric power sectors. According to data from Bentek Energy, three of the top five months for total natural gas demand over the last eight years have occurred this heating season (December 2013, January 2014, and February 2014). FULL STORY »

World Oil Outlook: Supplies to increase

EIA projects world petroleum and other liquids supply to increase by 1.3 million barrels per day (bbl/d) in both 2014 and 2015, with most of the growth coming from countries outside of the Organization of the Petroleum Exporting Countries (OPEC). The Americas, in particular the United States, Canada, and Brazil, will account for much of this growth. Projected world liquid fuels consumption grows by an annual average of 1.2 million bbl/d in 2014 and 1.4 million bbl/d in 2015. FULL STORY »

U.S. Oil Outlook: Gasoline prices will continue to fall

Between the beginning of October and the end of February, U.S. average heating degree days were 13% higher than last winter (indicating colder weather) and 10% above the 10-year average. The Northeast was 13% colder than last winter, the Midwest and South both 19% colder, while the West was 5% warmer. The cold weather had the greatest effect on households in the Midwest that primarily use propane and those in the Northeast that rely on heating oil. FULL STORY »

Brent crude oil prices expected to weaken

Brent crude oil spot prices in February averaged between $108/bbl and $112/bbl for the eighth consecutive month. EIA expects the Brent crude oil price to weaken as non-OPEC supply growth exceeds growth in world consumption. The Brent crude oil price is projected to average $105/bbl and $101/bbl in 2014 and 2015, respectively. FULL STORY »

U.S. OIL OUTLOOK: Winter Highlights

Temperatures east of the Rocky Mountains have been significantly colder this winter (October-February) compared with the same period both last winter and the average for the past 10 years. FULL STORY »

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