Crude Oil
Fuel prices push higher, U.S. retail data stronger than expected
U.S. gasoline and diesel prices continue climbing higher as stronger-than-expected retail sales data for July supports oil prices and the stock market.
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U.S. crude oil: Total consumption falls almost 2 percent
Total consumption fell by 340 thousand bbl/d (1.8 percent) last year. Motor gasoline consumption accounted for the bulk of that decline, shrinking by 260 thousand bbl/d.
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Global crude oil: Consumption expected higher in 2012, 2013
EIA expects global liquid fuels consumption growth of about 0.8 million bbl/d in 2012 and 0.9 million bbl/d in 2013. Despite downside risks to global oil demand, the spot price for Brent crude climbed back above $100 per barrel in July after prices sank below $90 per barrel in June.
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Gasoline and diesel fuel prices continue to increase
The U.S. average retail price of regular gasoline increased 14 cents this week to $3.65 per gallon, three cents per gallon lower than last year at this time.
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Ethanol issues not expected to significantly impact gas prices
In recent weeks, drought conditions have lowered the outlook for this year's corn harvest across the Midwest and raised concerns over the higher costs of fuel ethanol and satisfying the blending mandates of the Renewable Fuel Standard (RFS).
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Refineries continue to run at high levels in the central U.S.
While the well-publicized growth in U.S. tight oil production has the potential to significantly alter long-standing relationships in international crude oil markets, domestic price divergences resulting from this growth have already had a major impact on the U.S. refining sector.
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Update of the status of East Coast refineries
Concerns regarding the supply of refined products on the U.S. East Coast have eased considerably in recent months, reflecting both an improved outlook for regional refining activity and success in meeting logistical challenges.
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Gasoline, diesel prices increase for the 3rd consecutive week
The U.S. average retail price of regular gasoline increased seven cents this week to $3.49 per gallon, 21 cents per gallon lower than last year at this time.
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Gasoline and diesel fuel prices both increase again
The U.S. average retail price of regular gasoline increased two cents this week to $3.43 per gallon, 26 cents per gallon lower than last year at this time.
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Economic outlook weighs on projected global oil demand growth
The projected pace of global oil demand growth in this month's Outlook reflects less optimistic assumptions about the global economy.
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April sets monthly record for net distillate exports
One of the main drivers behind the United States' transformation from a net petroleum product importer to a net petroleum product exporter over the last several years has been the increase in distillate exports.
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- Post-tornado composting a solution for disposal of dead livestock
- Michigan hay buyers should plan purchases early
- Seven jobs more dangerous than farming
- New animal identification rules aid disease traceability
- Former Eastern Livestock CEO, CFO sentenced for federal crimes
- Drought losses in Oklahoma top $400 million for 2012
