Petroleum product exports set record high in 2018 (3/27/2019)

U.S. exports of total petroleum products set a record high in 2018, reaching an annual average of 5.6 million barrels per day (b/d), an increase of 366,000 b/d from 2017 levels. The three largest individual petroleum product exports in 2018 were distillate, propane, and motor gasoline. U.S. exports of motor gasoline (including blending components) and propane set record highs in 2018 and exports of distillate were the second highest on record, following the high set in 2017. ... More »

The United States exported 2 million barrels per day of crude oil in 2018 to 42 different destinations (3/20/2019)

In 2018, U.S. exports of crude oil continued to increase to 2.0 million barrels per day (b/d), up 846,000 b/d (73%) from 2017 (Figure 1). The number of destinations for U.S. crude oil exports also increased from 37 to 42. Volumes by destination changed significantly between the first and second halves of 2018. ... More »

EIA forecasts relatively flat crude oil prices despite lower global production growth (3/13/2019)

In the March 2019 update of its Short-Term Energy Outlook (STEO), the U.S. Energy Information Administration (EIA) revised its crude oil price forecast to be slightly higher for 2019 because of tighter forecast balances and higher than expected prices during February. EIA forecasts that the Brent crude oil price will average $63 per barrel (b) in 2019 and $62/b in 2020, compared with $71/b in 2018 (Figure 1). EIA expects that West Texas Intermediate (WTI) crude oil prices will average $9/b lower than Brent prices in the first half of 2019 before the discount gradually narrows to $4/b in the fourth quarter of 2019 and throughout 2020. EIA revised down global petroleum and other liquids production growth from the February STEO, largely because of downward revisions to the U.S. and the Organization of the Petroleum Exporting Countries (OPEC) supply forecasts. The production forecast was revised down more than the consumption forecast, and as a result, global stock builds are expected to be lower, indicating a relatively tighter market compared with the February STEO. ... More »

U.S. retail gasoline prices expected to rise after winter low (3/6/2019)

The U.S. average retail price for regular gasoline on March 4, 2019, was $2.42 per gallon (gal), an increase of 11 cents/gal from the February average of $2.31/gal and 14 cents/gal lower than the price at the same time last year (Figure 1). Most of the fluctuation is the result of changes in crude oil prices. ... More »