Increased gasoline production and high inventories combine to reduce global refinery gasoline margins (7/27/2016)

EIA recently released the What Drives Petroleum Product Prices website that identifies and tracks several fundamental and financial market factors that influence petroleum product spot and futures prices. This tool offers charts that highlight changes in consumption, production, inventories, and trade, mostly related to the U.S. domestic market along with some charts that include global indicators. The charts, a complement to the existing What Drives Crude Oil Prices website, will be updated monthly in conjunction with the release of EIA's Short-Term Energy Outlook (STEO). ... More »

Increased drilling may slow pace of Lower 48 states crude oil production declines (7/20/2016)

Higher and more stable crude oil prices are contributing to increased drilling in the United States, which may slow the pace of production declines. Benchmark West Texas Intermediate (WTI) crude oil prices averaged $46.59 per barrel (b) over the last three weeks, a 40% increase over the average price in the first quarter. The Lower 48 states onshore oil active rotary rig count, as measured by Baker Hughes, stood at 336 rigs on July 15, 29 rigs above the end-June number. While declines from existing wells are expected to result in a net decrease in production, increased drilling and higher well productivity are expected to soften the decline. ... More »

2016 EIA Energy Conference (7/13/2016)

Due to the EIA conference this week, there is no feature article for This Week in Petroleum today. The conference presentations are now available. ... More »

Crude-by-rail volumes to the East Coast drop as imports rise (7/7/2016)

Movements of crude by rail (CBR) within the United States, including intra-Petroleum Administration for Defense Districts (PADD) movements, averaged 442,000 barrels per day (b/d) in the first four months of 2016, down 45% from the same period last year. A reduction in CBR movements from PADD 2 (Midwest) to PADD 1 (East Coast) accounts for about one-half of the decline (Figure 1). Since September 2015, CBR volumes have generally decreased as crude oil price spreads have narrowed (making imported crudes relatively cheaper compared with railed supplies), pipelines have come online, and domestic inland production has declined. ... More »