US crude oil production increased in 2017 by 384,000 b/d, more growth forecast to 2030 Crude oil prices ended 2017 at the highest levels since 2013 and West Texas Intermediate (WTI) crude oil prices averaged $51/b in 2017, up $7/b from the 2016 average, and ended the year at $60/b, $6/b higher than at the […]
Crude oil prices increased in 2017, and Brent-WTI spread widened Read More »
China is second-largest destination for U.S. crude oil exports In its Nov. Short-Term Energy Outlook (STEO), EIA forecasts the price difference between West Texas Intermediate (WTI) crude oil priced at Cushing, Oklahoma, and Brent, the global crude oil price benchmark, to remain at $6 per barrel (b) through the first quarter of 2018 before narrowing to $4/b
Transportation constraints, export costs widen Brent-WTI crude oil price spread Read More »
Restrictions on exporting domestic oil were removed, refiners now compete with international buyers for domestic oil In Sept. and Oct. 2017, the difference between domestic and foreign crude oil prices has risen to the highest level since 2015, according to the U.S. Energy Information Administration. In the past, price differences between West Texas Intermediate (WTI)
Widening Brent-WTI price spread unlikely to change East Coast crude oil supply Read More »
Forecast based on recent drilling, production and driven largely by WTI crude oil price EIA forecasts that U.S crude oil production will average 9.4 million b/d in the second half of 2017, 340,000 b/d more than in the first half of 2017, according to the U.S. Energy Information Administration. Production in 2018 is expected to
US oil production to increase through end of 2017, setting up record 2018 Read More »
Without further OPEC agreement, EIA expects lower prices in 2018 than forecast Brent crude oil spot prices to average $51/b in 2017 and $52/b in 2018. West Texas Intermediate (WTI) crude oil prices are expected to be $2/b lower than Brent prices in 2017 and 2018, according to the U.S. Energy Information Administration. Daily and
Brent, WTI crude oil prices to average $50 per barrel through 2018 Read More »
Midwest to Gulf Coast rail movements began dropping in 2nd half of 2013 as new/expanded pipeline capacity came online According to the U.S. Energy Information Administration, the movement of crude by rail within the United States, including within Petroleum Administration for Defense Districts (PADDs), reached a high of 928,000 b/d in Oct. 2014, with most of the shipments originating
Declining crude oil shipments by rail from Midwest to coastal regions Read More »
In 2016/17, OPEC expected to account for most of crude oil production growth Crude oil inventories are expected to rise again in 2016, continuing to keep prices low, but the source of the extra production will be OPEC members instead of American shale producers, according to the US EIA. The Short-Term Energy Outlook (STEO) released on
Crude oil prices to remain relatively low through 2016-2017 – EIA Read More »
US crude oil imports fell to lowest level since 1995. Canada, Saudi Arabia, Venezuela, Mexico main sources of imports Crude oil prices ended 2015 below $40 per barrel (b), the lowest level since early 2009, according to the US Energy Information Administration. Spot prices for the international crude oil benchmark Brent averaged $52/b in 2015, 53
Crude oil prices started 2015 relatively low, ended the year lower Read More »
EIA says OPEC crude oil, other liquids production to increase by 1.1 million b/d in 2015, led by production increases in Iraq The glut in the global oil supply currently weighing on prices may ease a bit next year if a forecasted decline in non-OPEC production is accurate, according to the US Energy Information Administration. The
Non-OPEC production grows in 2015, to decline in 2016 – EIA Read More »
