Petroleum & Other Liquids

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Strategic Petroleum Reserve sales under recently enacted laws are expected to start in January 2017

crude oil SPR

U.S. oil and natural gas proved reserves declined in 2015 because of lower prices

natural gas liquid fuels states reserves

OPEC production cuts reflected in EIA forecast; HGL production grows through 2017

oil/petroleum prices STEO Brent WTI OPEC

U.S. gasoline inventories, consumption, production, and exports all increased over the past year

exports/imports prices gasoline inventories/stocks

Tighter marine fuel sulfur limits will spark changes by both refiners and vessel operators

crude oil transportation distillate fuel residual fuel oil

U.S. average gasoline prices this Thanksgiving are the second-lowest in eight years

liquid fuels prices gasoline

Residential heating oil and propane prices at levels similar to last winter’s low prices

prices states weather residential HGL propane heating oil

Planned refinery outages through year-end not expected to constrain availability of transportation fuels

oil/petroleum gasoline refining diesel

U.S. oil drilling increasingly focused in Permian Basin

oil/petroleum liquid fuels STEO drilling financial markets

EIA forecasts $51 per barrel 2017 Brent crude oil price

oil/petroleum prices crude oil STEO

Declining investment in Norway affects exploration drilling more than production drilling

oil/petroleum liquid fuels production/supply drilling Norway

Colonial Pipeline restarts Line 1, resumes gasoline shipments to U.S. Southeast

liquid fuels prices pipelines gasoline disruption

U.S. crude oil production in 2015 was the highest since 1972

oil/petroleum liquid fuels production/supply crude oil states California Texas North Dakota Alaska Gulf of Mexico

Oil wells drilled horizontally are among the highest-producing wells

oil/petroleum liquid fuels drilling

Major gasoline pipeline in Southeast disrupted for second time in two months

oil/petroleum liquid fuels pipelines gasoline transportation distribution

Stable oil prices, improving credit conditions contributing to rise in merger and acquisition activity

oil/petroleum prices production/supply crude oil STEO Texas financial markets rig count

U.S. summer gasoline consumption sets new high

exports/imports liquid fuels consumption/demand gasoline

U.S. energy production, consumption has changed significantly since 1908

exports/imports liquid fuels production/supply crude oil coal renewables

Offshore oil production in deepwater and ultra deepwater is increasing

oil/petroleum liquid fuels production/supply offshore Brazil Norway

Low tanker rates are enabling long-distance crude oil and petroleum product trade

crude oil inventories/stocks transportation petroleum products

Offshore production nearly 30% of global crude oil output in 2015

oil/petroleum liquid fuels production/supply crude oil Mexico offshore Saudi Arabia Brazil Norway

Short positions in U.S. crude oil futures held by producers, merchants at nine-year high

production/supply crude oil STEO financial markets

U.S. crude oil imports increase during first half of 2016, the first increase since 2010

exports/imports oil/petroleum liquid fuels crude oil

Low oil prices have affected Russian petroleum companies and government revenues

oil/petroleum natural gas liquid fuels international Russia

Heating oil expenditures expected to increase 38% this winter, but remain below normal

prices crude oil STEO distillate fuel heating oil Northeast

Winter heating bills likely to increase, but still remain below recent winters

exports/imports natural gas prices electricity forecasts/projections weather STEO HGL propane heating oil

On Thursday, EIA's weekly crude oil inventory will be presented without lease stocks

liquid fuels crude oil inventories/stocks

U.S. crude oil imports rise during first-half 2016, first increase since 2010

exports/imports crude oil Canada OPEC Iraq Nigeria non-OPEC

Growth in propane exports drove U.S. petroleum product export growth in first half of 2016

exports/imports oil/petroleum liquid fuels gasoline HGL Canada distillate fuel propane Mexico

Pipeline disruption leads to record gasoline stock changes in Southeast, Gulf Coast

oil/petroleum liquid fuels pipelines gasoline inventories/stocks disruption

Weekly Energy Snapshots provides a weekly recap of EIA data visualizations

prices weather inventories/stocks storage spot prices

Hydrocarbon production in the Utica play increasingly targets natural gas-rich areas

oil/petroleum natural gas liquid fuels production/supply Utica

First shipment of ethane from U.S. Gulf Coast arrives in Europe

exports/imports natural gas Gulf Coast NGL ethane

Pipeline shutdown disrupts gasoline supply in the Southeast

oil/petroleum liquid fuels pipelines gasoline transportation disruption

The United States is both a major importer and exporter of motor gasoline

exports/imports generation

EIA's weekly crude oil inventory data will soon be presented without lease stocks

oil/petroleum crude oil inventories/stocks

EIA now provides estimates of drilled but uncompleted wells in major production regions

natural gas liquid fuels drilling Oklahoma

Narrowing crude oil price differences contribute to global convergence of refining profits

oil/petroleum liquid fuels international refining financial markets crack spread

Gasoline prices prior to Labor Day lowest in 12 years

liquid fuels prices crude oil gasoline

EIA now using near-real-time export data to improve weekly petroleum consumption data

exports/imports oil/petroleum liquid fuels

OPEC members' net oil export revenue in 2015 drops to lowest level since 2004

exports/imports oil/petroleum liquid fuels OPEC

Changing crude oil price differentials contribute to global convergence of refining profits

oil/petroleum international refining financial markets crack spread

Future U.S. tight oil and shale gas production depends on resources, technology, markets

natural gas production/supply AEO shale drilling tight oil AEO2016

Crude oil disruptions in Nigeria increase as a result of militant attacks

liquid fuels crude oil disruption CAB Nigeria

OPEC net oil export revenue in 2015 drops to lowest level since 2004

exports/imports oil/petroleum crude oil OPEC

U.S. crude oil exports are increasing and reaching more destinations

exports/imports crude oil international Canada

World tight oil production to more than double from 2015 to 2040

production/supply AEO international United States Canada Mexico Russia tight oil IEO AEO2016 Australia Colombia

U.S. crude oil exports reach more destinations and continue to increase

exports/imports crude oil Brent WTI Canada Europe

U.S. ethanol plant capacity increases for third consecutive year

production/supply ethanol

Oil and natural gas production jobs in May were 26% lower than in October 2014

natural gas liquid fuels production/supply crude oil rig count

Declining economic activity and oil revenues in Russia are adversely affecting its regional neighbors

crude oil financial markets Europe Russia

Crude-by-rail volumes to the East Coast are declining

exports/imports liquid fuels crude oil rail

New EIA website spotlights key drivers of petroleum product prices

liquid fuels production/supply crude oil gasoline STEO refining futures crack spread

Stripper wells accounted for 11% of U.S. natural gas production in 2015

oil/petroleum natural gas liquid fuels production/supply

Increased gasoline production and high inventories combine to reduce global refinery gasoline margins

oil/petroleum liquid fuels production/supply gasoline diesel

Increased drilling may slow pace of Lower 48 states crude oil production declines

oil/petroleum liquid fuels production/supply STEO drilling rig count

Changing U.S. energy mix reflects growing use of natural gas, petroleum, and renewables

exports/imports oil/petroleum natural gas liquid fuels coal renewables nuclear

Increased drilling may slow pace of Lower 48 states crude oil production declines

STEO drilling rig count

India continues developing its strategic petroleum reserve as its oil imports grow

exports/imports oil/petroleum liquid fuels crude oil storage India

U.S. oil companies closer to balancing capital investment with operating cash flow

liquid fuels production/supply crude oil drilling financial markets

2016 EIA Energy Conference

gasoline HGL diesel distillate fuel propane

Retail price of regular gasoline forecast to average $2.25 per gallon this summer

oil/petroleum liquid fuels prices forecasts/projections gasoline STEO

EIA projects rise in U.S. crude oil and other liquid fuels production beyond 2017

oil/petroleum liquid fuels prices production/supply crude oil forecasts/projections AEO United States biofuels NGL AEO2016

Crude-by-rail volumes to the East Coast drop as imports

exports/imports crude oil PADD 1 PADD 2

Fossil fuels still dominate U.S. energy consumption despite recent market share decline

exports/imports oil/petroleum natural gas liquid fuels coal renewables nuclear hydroelectric biomass

U.S. refinery capacity rises 1.9%

oil/petroleum crude oil refining refinery capacity

Stripper wells accounted for 10% of U.S. oil production in 2015

oil/petroleum liquid fuels production/supply

Proposed standards for medium- and heavy-duty vehicles would reduce diesel consumption

AEO gasoline transportation diesel AEO2016

Panama Canal expansion unlikely to significantly change crude oil, petroleum product flows

liquid fuels crude oil transportation HGL propane

Modest changes to crude oil and petroleum product flows expected from expanded Panama Canal

exports/imports oil/petroleum liquid fuels crude oil gasoline HGL diesel distillate fuel Gulf Coast

U.S. crude oil storage capacity utilization rises even as storage capacity grows

liquid fuels crude oil storage capacity Cushing

Higher U.S. gasoline production and inventories are reducing gasoline crack spreads

production/supply gasoline inventories/stocks refining distillate fuel financial markets futures crack spread

Unplanned global oil supply disruptions reach highest level since at least 2011

liquid fuels production/supply crude oil international weather disruption

Storage capacity utilization rises, as growth in stored volumes outpaces expansion of storage capacity

oil/petroleum crude oil inventories/stocks storage WTI Cushing

Fires near Fort McMurray are reducing Canada's oil sands production

oil/petroleum natural gas liquid fuels production/supply international Canada disruption oil sands

Recent data show divergent trends for rail shipments of crude oil, ethanol, and biodiesel

liquid fuels crude oil biofuels ethanol rail

Recent drilling activity has lowered costs and increased performance

oil/petroleum natural gas production/supply shale drilling Marcellus Bakken Eagle Ford

China's diesel exports grow, driven by changes in its economy and refining industry

exports/imports oil/petroleum liquid fuels prices international refining diesel China

U.S. retail gasoline prices lowest since 2009 ahead of Memorial Day weekend

prices forecasts/projections gasoline STEO Brent

Oil companies focus on production over exploration as low oil prices reduce value of new reserves

oil/petroleum prices production/supply crude oil international reserves financial markets resources

United States remains largest producer of petroleum and natural gas hydrocarbons

natural gas production/supply crude oil United States Russia Saudi Arabia

China’s diesel exports put downward pressure on Asia-Pacific crack spreads

exports/imports oil/petroleum prices international refining diesel China

EIA's global crude supply outlook considers planned and unplanned production outages

oil/petroleum prices crude oil STEO Canada OPEC Iran Venezuela Syria

Crude oil volatility decreases as prices rise from early 2016 levels

liquid fuels prices crude oil financial markets

Recent U.S. imports of oil tend to be heavier than domestic production

exports/imports liquid fuels crude oil refining

Variation across gasoline consumption estimates — a guide for the perplexed

exports/imports consumption/demand gasoline

Almost all U.S. gasoline is blended with 10% ethanol

exports/imports liquid fuels gasoline ethanol

Declining energy prices lower the cost of living

natural gas liquid fuels prices crude oil residential

EIA produces new maps of the Utica Shale play

oil/petroleum natural gas liquid fuels production/supply states Pennsylvania West Virginia Ohio Utica Utah

Crude oil prices rise and contango narrows, but high inventories should constrain further price increases

prices crude oil STEO inventories/stocks WTI futures

Strong El Niño helps reduce U.S. winter heating demand and fuel prices

prices HGL propane heating oil

2015 financials reveal significant differences across U.S. onshore-only producers

oil/petroleum liquid fuels prices production/supply reserves financial markets

Expected decrease in Lower 48 oil production is partially offset by rising GOM output

oil/petroleum liquid fuels prices states gasoline transportation diesel taxes

State taxes on gasoline and diesel average 27 cents per gallon

oil/petroleum liquid fuels prices states gasoline transportation diesel taxes

Total U.S. energy production increases for sixth consecutive year

exports/imports natural gas production/supply crude oil coal NGL petroleum products

Logistical challenges result in ship-to-ship transfers of U.S. propane exports

exports/imports HGL propane

Retail gasoline prices this summer expected to be lowest since 2004

liquid fuels prices gasoline

Canada provides record-high share and amount of U.S. crude oil imports in 2015

exports/imports liquid fuels crude oil United States Canada

EIA tracks monthly ethanol and biodiesel rail movements

oil/petroleum liquid fuels ethanol rail

Engine design trends lead to increased demand for higher-octane gasoline

gasoline transmission vehicles standards CAFE

EIA report shows decline in cost of U.S. oil and gas wells since 2012

oil/petroleum natural gas liquid fuels drilling

U.S. production of hydrocarbon gas liquids expected to increase through 2017

exports/imports production/supply STEO HGL

United Kingdom increases oil production in 2015, but new field development declines

oil/petroleum liquid fuels production/supply United Kingdom

U.S. petroleum product exports continue to increase

exports/imports oil/petroleum liquid fuels gasoline HGL distillate fuel propane

First-half 2016 refinery outage report released

gasoline refining diesel distillate fuel outages

Wells drilled since start of 2014 provided nearly half of Lower 48 oil production in 2015

liquid fuels production/supply crude oil shale drilling Bakken Eagle Ford tight oil

U.S. petroleum product exports continue to expand

exports/imports international gasoline refining HGL distillate fuel propane

Short-Term Outlook for Hydrocarbon Gas Liquids

forecasts/projections STEO HGL propane ethane

Hydraulic fracturing accounts for about half of current U.S. crude oil production

production/supply crude oil drilling

Crude oil shipments by rail from Midwest to coastal regions decline

oil/petroleum crude oil pipelines transportation Brent WTI Gulf Coast rail Bakken vehicles

EIA lowers its crude oil price forecast

oil/petroleum prices crude oil STEO Brent WTI

U.S. oil production continues to decline, and is now below its year-ago level

liquid fuels production/supply crude oil

Rail still moves crude from the Midwest to coastal regions, but in smaller volumes

crude oil Brent WTI

California wholesale gasoline price falls before switch to summer-grade gasoline

liquid fuels states gasoline California wholesale prices

Iraq is second-leading contributor to global liquids supply growth in 2015

exports/imports oil/petroleum production/supply international OPEC Iraq

European distillate oversupply means some shippers take the long route around Africa

oil/petroleum liquid fuels prices international distillate fuel Europe

Canadian oil production expected to increase despite lower prices

oil/petroleum liquid fuels production/supply Canada oil sands

U.S. crude oil inventories continue to increase

oil/petroleum prices crude oil international storage Brent WTI futures Cushing

Motor gasoline consumption expected to remain below 2007 peak despite increase in travel

exports/imports gasoline transportation

Pipelines, tankers, and barges convey transportation fuels from Gulf Coast to East Coast

liquid fuels gasoline transportation

For transportation fuels, the Gulf Coast produces, the East Coast consumes

exports/imports oil/petroleum liquid fuels production/supply gasoline refining transportation distillate fuel Gulf Coast

European distillate oversupply results in floating storage and shipping changes

prices storage diesel distillate fuel Europe futures

Oil production in federal Gulf of Mexico projected to reach record high in 2017

liquid fuels production/supply crude oil Gulf of Mexico

Diesel fuel retail price falls below $2.00 per gallon for first time since 2005

oil/petroleum liquid fuels prices diesel

New EIA data revise Oklahoma’s oil production up by 100,000 barrels per day

oil/petroleum liquid fuels production/supply crude oil states Oklahoma

Initial production rates in tight oil formations continue to rise

oil/petroleum liquid fuels drilling

U.S. regular retail gasoline to average below $2 per gallon in 2016; lowest since 2004

oil/petroleum crude oil gasoline STEO Brent WTI diesel

U.S. mining and exploration investment declined 35% in 2015

prices crude oil mining

High inventories help push crude oil prices to lowest levels in 13 years

liquid fuels crude oil gasoline diesel heating oil

Transportation Fuels Markets, PADD 1 and PADD 3

exports/imports liquid fuels production/supply consumption/demand gasoline storage most popular transportation diesel distribution residual fuel oil PADD 1 jet fuel PADD 3

East Coast, Gulf Coast trade transportation fuels to balance needs, supply

oil/petroleum states gasoline Texas transportation distillate fuel Gulf Coast New England New York refinery capacity New Jersey West Virginia Massachusetts Connecticut Florida Georgia Mississippi

Changing contract expiration dates will affect crude oil futures comparisons

oil/petroleum liquid fuels prices Brent WTI futures

Upcoming winter storm may cause problems for East Coast energy infrastructure

weather disruption

Hydrogen for refineries is increasingly provided by industrial suppliers

natural gas refining diesel

Iran's petroleum production expected to increase as sanctions are lifted

oil/petroleum production/supply crude oil Iran

Warmer weather, lower energy prices are reducing home heating expenditures

natural gas prices electricity weather STEO HGL propane heating oil

Crude oil prices will remain relatively low through 2016 and 2017

oil/petroleum prices STEO Brent WTI

Crude oil prices to remain relatively low through 2016 and 2017

oil/petroleum liquid fuels crude oil STEO WTI OPEC Iran

State severance tax revenues decline as fossil fuel prices drop

oil/petroleum natural gas states coal Texas Wyoming Oklahoma West Virginia Alaska

U.S. gasoline prices in 2015 were lowest since 2009

liquid fuels prices crude oil states gasoline

California begins 2016 with supply disruptions and higher prices

prices gasoline California wholesale prices refineries PADD 5

Crude oil prices started 2015 relatively low, ended the year lower

oil/petroleum liquid fuels prices crude oil Brent WTI OPEC

Prices for oil and natural gas commodities fell during 2015

oil/petroleum natural gas liquid fuels prices gasoline diesel

Heating oil and propane prices are lower this winter

exports/imports liquid fuels prices states weather HGL propane heating oil NGL

Debt service uses a rising share of U.S. onshore oil producers’ operating cash flow

oil/petroleum liquid fuels prices production/supply financial markets

U.S. onshore producers face challenging times

oil/petroleum prices production/supply crude oil United States financial markets

Beyond Shell-BG, oil company merger activity is down

oil/petroleum liquid fuels financial markets

Refiner margins unable to fully offset low upstream earnings for integrated oil companies

liquid fuels crude oil gasoline refining distillate fuel financial markets crack spread

Natural gas, renewables projected to provide larger shares of electricity generation

exports/imports oil/petroleum natural gas liquid fuels electricity coal renewables nuclear

Alaska residents are paid a unique yearly dividend from state’s permanent fund

oil/petroleum natural gas liquid fuels states Alaska

Energy resource permanent funds vary by purpose and state

natural gas crude oil states coal North Dakota Wyoming Alaska Louisiana taxes

Assessing 2014 oil and gas company financials

oil/petroleum prices financial markets

Year in Review: Crude Oil Prices 2014

oil/petroleum prices crude oil financial markets

Price declines can affect companies’ proved reserves

oil/petroleum prices reserves financial markets

Total energy subsidies decline since 2010, with changes in support across fuel types

oil/petroleum natural gas liquid fuels electricity coal nuclear wind solar biofuels

Recent Data

Wholesale spot petroleum prices, 12/22/2016 close
Product	Area	Price	% change*
Crude Oil ($/barrel)	WTI	51.98	+1.0
	Brent	54.04	+1.9
	Louisiana Light	53.48	+0.8
Gasoline (RBOB) ($/gallon)	NY Harbor	1.60	+0.1
	Gulf Coast	1.56	+0.0
	Los Angeles	1.48	0.0
Heating Oil ($/gallon)	NY Harbor	1.54	+1.0
	Gulf Coast	1.44	+1.1
3:2:1 Crack Spread ($/barrel)	Gulf Coast (LLS)	12.61	-1.7
Low-Sulfur Diesel ($/gallon)	NY Harbor	1.64	+1.6
	Gulf Coast	1.61	+1.0
	Los Angeles	1.66	+0.8
Propane ($/gallon)	Mont Belvieu, TX	0.65	+1.2
Source: Daily Prices