Gasoline Prices, Diesel Prices Both Decrease
April 25, 2007 -- The National Football League draft scheduled for this coming weekend is designed to promote parity by giving the least victorious teams from the past season the highest draft picks, which they can either use to bring in top talent from the college ranks or trade away to bolster their squads with proven professional players. Parity has also become an issue for gas and diesel fuel consumers.
For many years, retail gasoline prices rose seasonally to levels well above diesel throughout the spring and summer months. However, as illustrated in the figure below, retail diesel prices since 2005 have challenged this pattern, moving to higher levels than gasoline for many weeks during the peak summer driving season. The situation observed in recent years reflects an underlying change in relative supply/demand balances so pronounced that summer gas prices move above diesel only when extraordinary market forces add pressure to gasoline beyond that attributable to seasonality.
This year, however, retail gasoline prices have shown extraordinary strength since late January, rising much more rapidly than diesel to stand currently in, or slightly above, virtual parity. Will, then, the 2007 summer driving season see sustained gasoline price premiums over diesel? Factors that could support such a scenario include: delays in both scheduled and unscheduled refinery maintenance programs; tight gasoline supplies in Europe, limiting Europe's ability to export significant volumes of surplus gasoline to U.S. markets; strong gasoline demand; and geopolitical tensions in Iran, Nigeria, and Venezuela that, along with OPEC production cuts, may contribute to tightening global gasoline markets. As a result of such forces to date, U.S. gas consumption has relied more heavily on product withdrawals this year to meet surging demand.
The most recent EIA Short-Term Energy Outlook (STEO), released on April 10, forecast summer 2007 (April-September) retail regular gasoline prices at an average of $2.81 per gallon. During this same period, retail diesel prices are expected to average $2.82 per gallon, implying virtual price parity. Thus, our most likely scenario foresees a relationship between diesel and gasoline prices that falls into the middle ground between that observed over the last two years and experience earlier in the decade.
Gasoline Prices, Diesel Prices Both Decrease
Gasoline saw a slight decrease for the week of April 23, 2007, falling 0.7 cent to 286.9 cents per gallon. Gas prices are 4.5 cents per gallon lower than at this time last year. East Coast gasoline prices were down 0.4 cent to 283.5 cents per gallon. The Midwest saw gas prices fall 3.2 cents to 277.5 cents per gallon. Gasoline prices for the Gulf Coast dropped 0.8 cent to 275.5 cents per gallon. Rocky Mountain gas prices increased 4.3 cents to 284.4 cents per gallon, while West Coast gasoline prices were up 2.3 cents to 321.8 cents per gallon. The average gas price for regular grade in California was up 1.1 cents to 331.6 cents per gallon, 24.8 cents per gallon above last year's price.
Retail diesel prices also fell this week, decreasing 2.6 cents to 285.1 cents per gallon. Diesel prices are 2.5 cents per gallon lower than at this time last year. All regions reported price decreases. East Coast diesel prices fell 2.5 cents to 283.7 cents per gallon. In the Midwest, diesel prices were down 3.3 cents to 283.1 cents per gallon, while the Gulf Coast saw a decrease of 3.4 cents to 281.5 cents per gallon. Rocky Mountain diesel prices were down 0.3 cent to 297.8 cents per gallon. Diesel prices on the West Coast saw a decrease of 0.3 cent to 295.3 cents per gallon. California diesel prices fell 1.1 cents to 300.4 cents per gallon, 9.9 cents per gallon lower than at this time last year.
Propane Inventories Slightly Lower
Propane inventories continue to show only modest activity for this time of year, as propane stockholders begin to gear up for more robust re-stocking in the weeks ahead. Last week, total propane inventories moved slightly lower by 0.1 million barrels and settled at an estimated 25.9 million barrels as of April 20, 2007. Regionally, only the Gulf Coast reported strong activity with a weekly stockdraw measuring 0.5 million barrels. At the same time, East Coast and Midwest inventories moved up by 0.1 million barrels and 0.2 million barrels, respectively, while the combined Rocky Mountain/West Coast region remained relatively unchanged. Propane non-fuel use inventories slipped lower by 0.1 million barrels last week to account for a smaller 8.6 percent share of total propane/propylene inventories, compared with the prior week's 8.9 percent share.
Source: US Dept. of Energy
Showing posts with label Fuel and Economy. Show all posts
Showing posts with label Fuel and Economy. Show all posts
Thursday, April 26, 2007
OPEC Daily Basket Price Stood at $63.50 a Barrel Wednesday, 25 April 2007
Vienna, Thursday, 26 April 2007 -- The price of OPEC basket of eleven crude oils stood at 63.50 dollars a barrel on Wednesday, compared with 63.76 dollars the previous day, according to OPEC Secretariat calculations.
The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Minas (Indonesia), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and BCF 17 (Venezuela).
Source: Organization of the Petroleum Exporting Countries
The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Minas (Indonesia), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and BCF 17 (Venezuela).
Source: Organization of the Petroleum Exporting Countries
Tuesday, April 24, 2007
OPEC Oil Daily Basket Price Stood at $62.92 per Barrel Monday, 23 April 2007
Vienna, Tuesday, 24 April 2007 -- The price of OPEC basket of eleven crude oils stood at 62.92 dollars a barrel on Monday, compared with 62.06 dollars the previous Friday, according to OPEC Secretariat calculations.
The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Minas (Indonesia), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and BCF 17 (Venezuela).
Source: Organization of the Petroleum Exporting Countries (OPEC)
The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Minas (Indonesia), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and BCF 17 (Venezuela).
Source: Organization of the Petroleum Exporting Countries (OPEC)
Thursday, April 12, 2007
This Week in Petroleum: What Will it Take?
Gasoline Prices and Diesel Prices Continue to Climb
April 11, 2007 -- What will it take for the Chicago Cubs to win the World Series? What will it take for Sanjaya to be voted off American Idol? Unfortunately (or not) we don’t have a clue about the answers to either of these two questions. However, with the U.S. average retail price for regular gasoline now above $2.80 per gallon, some analysts and reporters have a new question on their minds -- : what level of prices would cause Americans to change their driving habits? Recent data suggest that average prices in the neighborhood of $3 per gallon might lead to such adjustments.
The last two times the U.S. average retail price for regular gasoline approached and surpassed $3 per gallon (following Hurricane Katrina in 2005 and most of the summer in 2006), gasoline demand growth (the blue line in the chart below) did slow. Of course, there have been other times that gasoline demand growth has slowed.
The latest weekly data showed demand continuing to grow at a strong clip, with the four weeks ending April 6 averaging 9.363 million barrels per day, or 2.5 percent higher than the same period last year. Demand for the week ending April 6, averaged 9.472 million barrels per day, a record for the month of April, far surpassing the previous weekly record for April (9.338 million barrels per day for the week ending April 9, 2004), while data for the week ending March 30 was also a record for March.
With the sharp increase in ethanol blending over the past year, gasoline demand measured in terms of energy content has not grown as fast as the volumetric measure of demand growth cited above, since ethanol has a lower energy content per unit volume than the fuel components it has displaced. But, even taking account of the change in fuel composition, recent data suggest that gasoline demand, however measured, is quite inelastic, meaning that it takes a large increase in prices to significantly affect demand.
Gasoline Prices and Diesel Prices Continue to Climb
Gasoline prices were up again for the week of April 2, 2007, increasing 9.5 cents to 280.2 cents per gallon. This is the tenth consecutive week of increases; prices are now 11.9 cents per gallon higher than at this time last year. All regions reported higher prices. East Coast prices were up 8.4 cents to 275.5 cents per gallon. The Midwest had the largest regional increase, with prices rising 13.0 cents to 274.4 cents per gallon. Gulf Coast prices were up 11.0 cents to 267.5 cents per gallon, while Rocky Mountain prices increased 10.0 cents to 271.9 cents per gallon. West Coast prices were up 4.2 cents to 313.8 cents per gallon, with the average price for regular grade in California up 2.4 cents to 325.2 cents per gallon, 44.1 cents per gallon above last year's price.
Retail diesel prices also increased this week, rising 5.0 cents to 284.0 cents per gallon. Prices are now 18.6 cents per gallon higher than at this time last year. All regions reported price increases. East Coast prices rose 4.9 cents to 281.3 cents per gallon. In the Midwest, prices were up 5.5 cents to 283.5 cents per gallon, while the Gulf Coast saw an increase of 4.4 cents to 281.0 cents per gallon. The largest increase was in the Rocky Mountains, where prices were up 6.7 cents to 295.1 cents per gallon. Prices on the West Coast saw an increase of 3.6 cents to 292.1 cents per gallon. California prices rose 3.9 cents to 297.8 cents per gallon, 9.7 cents per gallon higher than at this time last year.
Propane Inventories Report First Post Winter Build
Despite unseasonable cold temperatures throughout many portions of the Nation last week, total propane inventories reported their first increase of the traditional build season that occurs during the period from April through September. Last week, total propane inventories reported a weekly build of 0.7 million barrels, moving inventories up to an estimated 25.8 million barrels as of April 6, 2007. Regional gains were reported in all the major propane consuming areas last week. East Coast inventories moved up by a modest 0.1 million barrels, while the Midwest region reported a weekly gain of 0.5 million barrels. During this same time, the Gulf Coast region reported a 0.3-million-barrel increase. The only areas showing inventory declines last week were in the combined Rocky Mountain/West Coast region where inventories fell by 0.1 million barrels. Propylene non-fuel use inventories continued lower last week with a 0.3-million-barrel drop, accounting for a lower 9.3 percent share of total propane/propylene inventories, compared with the prior week’s 10.9 percent share.
Source: US Dept. of Energy
Printer Friendly Page
April 11, 2007 -- What will it take for the Chicago Cubs to win the World Series? What will it take for Sanjaya to be voted off American Idol? Unfortunately (or not) we don’t have a clue about the answers to either of these two questions. However, with the U.S. average retail price for regular gasoline now above $2.80 per gallon, some analysts and reporters have a new question on their minds -- : what level of prices would cause Americans to change their driving habits? Recent data suggest that average prices in the neighborhood of $3 per gallon might lead to such adjustments.
The last two times the U.S. average retail price for regular gasoline approached and surpassed $3 per gallon (following Hurricane Katrina in 2005 and most of the summer in 2006), gasoline demand growth (the blue line in the chart below) did slow. Of course, there have been other times that gasoline demand growth has slowed.
The latest weekly data showed demand continuing to grow at a strong clip, with the four weeks ending April 6 averaging 9.363 million barrels per day, or 2.5 percent higher than the same period last year. Demand for the week ending April 6, averaged 9.472 million barrels per day, a record for the month of April, far surpassing the previous weekly record for April (9.338 million barrels per day for the week ending April 9, 2004), while data for the week ending March 30 was also a record for March.
With the sharp increase in ethanol blending over the past year, gasoline demand measured in terms of energy content has not grown as fast as the volumetric measure of demand growth cited above, since ethanol has a lower energy content per unit volume than the fuel components it has displaced. But, even taking account of the change in fuel composition, recent data suggest that gasoline demand, however measured, is quite inelastic, meaning that it takes a large increase in prices to significantly affect demand.
Gasoline Prices and Diesel Prices Continue to Climb
Gasoline prices were up again for the week of April 2, 2007, increasing 9.5 cents to 280.2 cents per gallon. This is the tenth consecutive week of increases; prices are now 11.9 cents per gallon higher than at this time last year. All regions reported higher prices. East Coast prices were up 8.4 cents to 275.5 cents per gallon. The Midwest had the largest regional increase, with prices rising 13.0 cents to 274.4 cents per gallon. Gulf Coast prices were up 11.0 cents to 267.5 cents per gallon, while Rocky Mountain prices increased 10.0 cents to 271.9 cents per gallon. West Coast prices were up 4.2 cents to 313.8 cents per gallon, with the average price for regular grade in California up 2.4 cents to 325.2 cents per gallon, 44.1 cents per gallon above last year's price.
Retail diesel prices also increased this week, rising 5.0 cents to 284.0 cents per gallon. Prices are now 18.6 cents per gallon higher than at this time last year. All regions reported price increases. East Coast prices rose 4.9 cents to 281.3 cents per gallon. In the Midwest, prices were up 5.5 cents to 283.5 cents per gallon, while the Gulf Coast saw an increase of 4.4 cents to 281.0 cents per gallon. The largest increase was in the Rocky Mountains, where prices were up 6.7 cents to 295.1 cents per gallon. Prices on the West Coast saw an increase of 3.6 cents to 292.1 cents per gallon. California prices rose 3.9 cents to 297.8 cents per gallon, 9.7 cents per gallon higher than at this time last year.
Propane Inventories Report First Post Winter Build
Despite unseasonable cold temperatures throughout many portions of the Nation last week, total propane inventories reported their first increase of the traditional build season that occurs during the period from April through September. Last week, total propane inventories reported a weekly build of 0.7 million barrels, moving inventories up to an estimated 25.8 million barrels as of April 6, 2007. Regional gains were reported in all the major propane consuming areas last week. East Coast inventories moved up by a modest 0.1 million barrels, while the Midwest region reported a weekly gain of 0.5 million barrels. During this same time, the Gulf Coast region reported a 0.3-million-barrel increase. The only areas showing inventory declines last week were in the combined Rocky Mountain/West Coast region where inventories fell by 0.1 million barrels. Propylene non-fuel use inventories continued lower last week with a 0.3-million-barrel drop, accounting for a lower 9.3 percent share of total propane/propylene inventories, compared with the prior week’s 10.9 percent share.
Source: US Dept. of Energy
Printer Friendly Page
OPEC Daily Basket Oil Price Stood at $63.36 a Barrel Wednesday, April 11, 2007
Vienna, Thursday, April 12, 2007 -- The price of OPEC basket of eleven crude oils stood at 63.36 dollars a barrel on Wednesday, compared with 62.66 dollars the previous day, according to OPEC Secretariat calculations.
The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Minas (Indonesia), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and BCF 17 (Venezuela).
Source: Organization of the Petroleum Exporting Countries (OPEC)
The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Minas (Indonesia), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and BCF 17 (Venezuela).
Source: Organization of the Petroleum Exporting Countries (OPEC)
Tuesday, April 10, 2007
Green Automotive Future to Be Discussed by Industry Strategists from Toyota, GM, Tesla, Ford and University of Michigan
TechKnow Forums Announces Alternative Fuels Program June 12; Jean Jennings of Automobile Magazine will Host
Automotive insiders, brought together by a consortium of private industry, academia and non-profit organizations in the Ann Arbor region, will present an interactive forum on alternative fuel vehicles, the opportunities that exist and the challenges looking beyond oil. "TechKnow: Alternative Fuel Cars, So What's the Plan?" will be held 4-8 pm June 12 at the University of Michigan (U of M) Power Center.
Jean Jennings, popular speaker and president of Automobile Magazine, will moderate a panel of leading experts from Toyota, GM, Tesla Motors, Ford, the U of M Center for Automotive Research and others. The program will feature multi-media presentations, roundtable discussions and product demos, as well as audience participation and interaction.
Discussion will revolve around the future of alternative fuel vehicles, the state of current research, infrastructure challenges and how consumers can support a "green" future. There will be an opportunity to network with hosting organizations and panelists while enjoying the best of Michigan's cheeses and beverages.
To register, go to www.techknowforums.org . The Power Center is located on the University of Michigan campus, 121 Fletcher at East Huron Street.
Host organizations include the Ann Arbor IT Zone, University of Michigan and Ann Arbor Business Review
Ann Arbor TechKnow Forums enhance the technology business climate in Southeastern Michigan through the production of a series of high-profile events that inform, allow for interaction and inspire.
Automotive insiders, brought together by a consortium of private industry, academia and non-profit organizations in the Ann Arbor region, will present an interactive forum on alternative fuel vehicles, the opportunities that exist and the challenges looking beyond oil. "TechKnow: Alternative Fuel Cars, So What's the Plan?" will be held 4-8 pm June 12 at the University of Michigan (U of M) Power Center.
Jean Jennings, popular speaker and president of Automobile Magazine, will moderate a panel of leading experts from Toyota, GM, Tesla Motors, Ford, the U of M Center for Automotive Research and others. The program will feature multi-media presentations, roundtable discussions and product demos, as well as audience participation and interaction.
Discussion will revolve around the future of alternative fuel vehicles, the state of current research, infrastructure challenges and how consumers can support a "green" future. There will be an opportunity to network with hosting organizations and panelists while enjoying the best of Michigan's cheeses and beverages.
To register, go to www.techknowforums.org . The Power Center is located on the University of Michigan campus, 121 Fletcher at East Huron Street.
Host organizations include the Ann Arbor IT Zone, University of Michigan and Ann Arbor Business Review
Ann Arbor TechKnow Forums enhance the technology business climate in Southeastern Michigan through the production of a series of high-profile events that inform, allow for interaction and inspire.
Saturday, April 7, 2007
New DOE Employment Opportunity Available in Hydrogen Production
DOE seeks a dynamic, motivated, and highly-qualified lead chemical engineer to serve as the hydrogen production team leader within the Hydrogen, Fuel Cells, and Infrastructure Technologies Program in Washington, D.C.
The team leader will function as the program's technical expert in hydrogen production; interface with DOE's offices of Science, Nuclear Energy, and Fossil Energy; monitor and leverage national and international partnerships; and provide input in developing DOE's directions in national policy and programs.
Specific technologies managed will include hydrogen production from distributed natural gas and renewable liquid reforming, biomass gasification, solar high-temperature thermochemical, photoelectrochemical and biological, and hydrogen delivery (e.g., pipelines, compression, liquefaction, and tube trailers). U.S. citizenship is required.
Applications must be received via:
http://jobsearch.usajobs.opm.gov/getjob.asp?JobId=55923967&AVSDM=4%2F5%2F2007+4%3A56%3A51+PM
by May 7, 2007.
Source: US Dept. of Energy
The team leader will function as the program's technical expert in hydrogen production; interface with DOE's offices of Science, Nuclear Energy, and Fossil Energy; monitor and leverage national and international partnerships; and provide input in developing DOE's directions in national policy and programs.
Specific technologies managed will include hydrogen production from distributed natural gas and renewable liquid reforming, biomass gasification, solar high-temperature thermochemical, photoelectrochemical and biological, and hydrogen delivery (e.g., pipelines, compression, liquefaction, and tube trailers). U.S. citizenship is required.
Applications must be received via:
http://jobsearch.usajobs.opm.gov/getjob.asp?JobId=55923967&AVSDM=4%2F5%2F2007+4%3A56%3A51+PM
by May 7, 2007.
Source: US Dept. of Energy
Subscribe to:
Posts (Atom)
