China is now the world's largest crude oil importer (1/31/2018)

China surpassed the United States in annual gross crude oil imports in 2017 by importing 8.4 million barrels per day (b/d) compared with 7.9 million b/d of U.S. crude oil imports (Figure 1). China had become the world's largest net importer (imports less exports) of total petroleum and other liquid fuels in 2013. New refinery capacity and strategic inventory stockpiling combined with declining domestic production were the major factors contributing to the recent increase in Chinese crude oil imports. ... More »

Title Title Title (1/31/2018)

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Household costs for heating fuel to increase this winter (1/24/2018)

EIA expects that U.S. average household expenditures for heating oil and propane for the 2017–18 winter will be higher than last winter according to the January Short-Term Energy Outlook (STEO). Compared with last year, higher crude oil prices and lower inventory levels are putting upward pressure on the prices for heating fuels (Figure 1). In addition, forecasts for a colder winter than last year—one of the warmest on record for much of the United States—are expected to increase heating fuel consumption. As a result of increased prices and higher consumption, EIA expects average household expenditures for heating oil and propane to increase from last year’s levels. ... More »

Pipeline constraints likely affecting Canadian crude oil prices, Cushing inventories (1/18/2018)

Pipeline constraints have probably resulted in Western Canada Select (WCS) crude oil prices trading at their lowest levels compared with West Texas Intermediate (WTI) prices in nearly three and a half years. The constraints have likely contributed to the increase in crude oil shipments by rail, a more expensive form of transportation that is ultimately reflected in the WCS–WTI price spread. Reduced pipeline flows from Canada could also be a factor in the recent reduction in crude oil stocks in Cushing, Oklahoma, which declined by 22 million barrels (34%) since the beginning of November and were 17% below their five-year average as of January 12, 2018. ... More »

EIA forecasts mostly flat crude oil prices and increasing production in 2018 and 2019 (1/10/2018)

The price of Brent crude oil averaged $54/barrel (b) in 2017, an increase of $10/b from 2016. EIA's January Short-Term Energy Outlook forecasts Brent to average $60/b in 2018 and $61/b in 2019. In both 2018 and 2019, EIA expects total global production to be slightly greater than global consumption, with U.S. production increasing faster than production in any other country, contributing to modest inventory builds. ... More »

Growing octane needs widen the price spread between premium and regular gasoline (1/4/2018)

In late 2016, the difference between U.S. average retail prices for premium and regular gasoline reached 50 cents per gallon. This price spread has been generally expanding since 2000, and the rate at which the spread has grown has accelerated over the past three years (Figure 1). Many factors on both the supply and demand sides are likely influencing this trend. ... More »