U.S. Crude Oil Production October Exceeded Imports Reports EIA

MarineLink.com
Wednesday, November 13, 2013
Diesel chart courtesy of EIA

The U.S. Energy Information Administration (EIA) releases latest short-term energy outlook. Monthly estimated domestic crude oil production exceeded crude oil imports in October 2013 for the first time since February 1995. Highlights as follows:

  • The weekly U.S. average regular gasoline retail price has fallen by more than 40 cents per gallon since the beginning of September. EIA's forecast for the regular gasoline retail price averages $3.24 per gallon in the fourth quarter of 2013, $0.10 per gallon less than forecast in last month's STEO. The annual average regular gasoline retail price, which was $3.63 per gallon in 2012, is expected to average $3.50 per gallon in 2013 and $3.39 per gallon in 2014.
  • The North Sea Brent crude oil spot price averaged nearly $110 per barrel for the fourth consecutive month in October. EIA expects the Brent crude oil price to decline gradually, averaging $106 per barrel in December and $103 per barrel in 2014. Projected West Texas Intermediate (WTI) crude oil prices average $95 per barrel during 2014.
  • The projected discount of the WTI crude oil spot price to Brent, which averaged more than $20 per barrel in February 2013 and fell below $4 per barrel in July, increased to an average of $9 per barrel in October, driven in part by the seasonal decline in U.S. demand and the resulting increase in crude oil inventories. EIA expects the WTI discount to average $10 per barrel during the fourth quarter of 2013 and $8 per barrel in 2014.
  • U.S. crude oil production averaged 7.7 million barrels per day (bbl/d) in October. Monthly estimated domestic crude oil production exceeded crude oil imports in October for the first time since February 1995, while total petroleum net imports were the lowest since February 1991. EIA forecasts U.S. crude oil production will average 7.5 million bbl/d in 2013 and 8.5 million bbl/d in 2014.
  • Natural gas working inventories ended October at an estimated 3.81 trillion cubic feet (Tcf), 0.12 Tcf below the level at the same time a year ago but 0.05 Tcf above the previous five-year average (2008-12). EIA expects that the Henry Hub natural gas spot price, which averaged $2.75 per million British thermal units (MMBtu) in 2012, will average $3.68 per MMBtu in 2013 and $3.84 per MMBtu in 2014.

 

Maritime Reporter September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

MHI to Change Name of Group Company

Effective November 1 Mitsubishi Heavy Industries, Ltd. (MHI) will change the name of its group company in Singapore from Mitsubishi Heavy Industries Engineering & Services Private Ltd.

Petrobras P-66 Platform Module to Boost Production

The P-66 platform’s first modules, built at the Tomé Ferrostaal Consortium’s Module Plant located at the Port of Maceió, Alagoas, are now ready and loaded on the São Tomé barge.

Exmar Optimistic About Gas Carrier Market into 2015

Belgian gas shipping group Exmar said on Thursday that the market for its very large and midsize gas carriers was at historically high levels in the third quarter

Finance

Ensco plc Reports 3Q, 2014 Results

Ensco plc  today reported earnings per share from continuing operations of $1.93 in third quarter 2014, up 16% from $1.66 in third quarter 2013. Adjusted for a $0.

Chevron Announces Quarterly Dividend

The Board of Directors of Chevron Corporation today declared a quarterly dividend of one dollar and seven cents ($1.07) per share, payable December 10, 2014,

Exmar Optimistic About Gas Carrier Market into 2015

Belgian gas shipping group Exmar said on Thursday that the market for its very large and midsize gas carriers was at historically high levels in the third quarter

Energy

Ensco plc Reports 3Q, 2014 Results

Ensco plc  today reported earnings per share from continuing operations of $1.93 in third quarter 2014, up 16% from $1.66 in third quarter 2013. Adjusted for a $0.

Fukushima Experimental Offshore Floating Wind Farm Project Update

A consortium comprised of Marubeni (project integrator), the University of Tokyo (technical advisor), Mitsubishi, Mitsubishi Heavy Industries, Japan Marine United,

Wärtsilä Propulsion Equipment for 2 Fishing Vessels

Two new 78 metre purser/trawler fishing vessels being designed and built at Karstensen Shipyard in Denmark will feature Wärtsilä's main propulsion and control equipment.

News

USCG Cutter Diligence Returns

The crew of Coast Guard Cutter Diligence returned to Wilmington following a 45-day patrol in the Caribbean Sea. While on patrol, Diligence served as the

Southern California Port Congestion

Hapag-Lloyd informs about the congestion at the ports of Los Angeles and Long Beach that has reached a critical point. I. Several container ships are anchoring

GAC Starts Green Hull Cleaning Operations in Oman

Oman’s Ministry of Environment and Climate Affairs has granted GAC EnvironHull permission to conduct underwater hull cleaning operations using the brush-and-diver-free

Government Update

Easing US Oil Export Ban Unlikey to Raise Gasoline Prices

A government study on Thursday essentially supported the notion that easing the decades-old restriction on exporting U.S. crude was more likely to lower than raise

Rep. Cummings Receives Maritime Service Award

On Wednesday, October 29, Congressman Elijah E. Cummings (D-MD) delivered keynote remarks at APL Maritime’s Senior Management Conference, and received an award

Two Great Lakes Toxic Hotspots Restored

EPA announces removal of two toxic hotspots on Lake Superior and Lake Michigan from binational list The U.S. Environmental Protection Agency today announced that two U.

 
 
Maritime Security Maritime Standards Offshore Oil Pod Propulsion Port Authority Ship Electronics Ship Repair Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1834 sec (5 req/sec)