U.S. average regular gasoline and diesel prices rise (12/28/2017)

The U.S. average regular gasoline retail price rose 2 cents from the previous week to $2.47 per gallon on December 25, up 16 cents from the same time last year. The Midwest price climbed nearly nine cents to $2.41 per gallon, and the West Coast and Gulf Coast prices each rose nearly one cent to $2.97 per gallon and $2.17 per gallon, respectively. The Rocky Mountain price dropped nearly three cents to $2.45 per gallon, and the East Coast price fell one cent to $2.43 per gallon. ... More »

U.S. oil companies hedged at least 1.2 million barrels per day of 2018 production (12/20/2017)

Financial statements from the third quarter of 2017 for 47 U.S. oil production companies indicate that they hedged more than 1.2 million barrels per day (b/d) of crude oil at a weighted average price of $49.63 per barrel (b), locking in some of their revenues at a fixed price even if oil prices decline lower than $50/b. Since the end of the third quarter, weekly data from the U.S. Commodity Futures Trading Commission (CFTC) through December 12, 2017, suggest that producers likely increased their hedged volumes during the fourth quarter of 2017. West Texas Intermediate (WTI) crude oil prices reached their highest levels in more than two years in November and December, allowing many producers to hedge their future production at more than $50/b. ... More »

U.S. oil companies hedged at least 1.2 million barrels per day of 2018 production (12/20/2017)

Financial statements from the third quarter of 2017 for 47 U.S. oil production companies indicate that they hedged more than 1.2 million barrels per day (b/d) of crude oil at a weighted average price of $49.63 per barrel (b), locking in some of their revenues at a fixed price even if oil prices decline lower than $50/b. Since the end of the third quarter, weekly data from the U.S. Commodity Futures Trading Commission (CFTC) through December 12, 2017, suggest that producers likely increased their hedged volumes during the fourth quarter of 2017. West Texas Intermediate (WTI) crude oil prices reached their highest levels in more than two years in November and December, allowing many producers to hedge their future production at more than $50/b. ... More »

EIA forecasts a mostly balanced oil market in 2018 (12/13/2017)

The U.S. Energy Information Administration's (EIA) December Short-Term Energy Outlook (STEO) expects global liquid fuels demand to increase in 2018, but not keep pace with supply growth, resulting in global liquids inventories increasing modestly in 2018. STEO forecasts increasing global liquid fuels inventories by an average of 50,000 barrels per day (b/d) in 2018, a downward revision from a 290,000 b/d inventory increase forecast in the November STEO (Figure 1). The change in STEO is driven by upward historical revisions to Chinese consumption and downward revisions to forecast production from countries within the Organization of the Petroleum Exporting Countries (OPEC). ... More »

Monthly Midwest crude oil imports surpassed Gulf Coast crude oil imports for first time (12/6/2017)

In August, monthly U.S. imports of crude oil coming into the Midwest (Petroleum Administrative Defense District (PADD) 2) exceeded imports of crude oil into the Gulf Coast (PADD 3) for the first time since the U.S. Energy Information Administration began keeping records in 1981. Although Hurricane Harvey disrupting Gulf Coast port operations and temporarily limiting imports was a primary factor in this reversal, which continued in September, other long-term trends contributed as well. Specifically, imports of crude oil into the Gulf Coast have been decreasing over the past 10 years, and imports into the Midwest have been increasing over the same period. These long-term trends narrowed the difference in imports between the two regions and contributed to the reversal in the historical relationship after Hurricane Harvey (Figure 1). ... More »