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Our Newsletter


Oil & Propane Prices Today

Upstream oil and gas spending continues to favor exploration and development activity (4/16/2014)
Annual reports by oil and natural gas companies show that spending on exploration and development activities increased by 5% ($18 billion) in 2013, while spending on property acquisition continued to decline by $17 billion. Total upstream spending was relatively flat after a period of strong growth (averaging 11% per year) from 2000 to 2012. ....

Gasoline prices expected to average $3.57 per gallon during summer 2014 (4/9/2014)
In the April 2014 Short-Term Energy Outlook (STEO), EIA projects that regular-grade gasoline retail prices will average $3.57 per gallon (gal) during the current summer (April through September) driving season, similar to the $3.58/gal average of summer 2013. After rising into May, the retail price is expected to fall through the remainder of the summer because both crude oil prices and gasoline crack spreads (the difference between wholesale product price and the price of crude oil) decline. Daily and weekly national average prices can differ significantly from monthly and seasonal averages, and there are also significant regional differences, with prices in some areas exceeding the national average by 25 cents/gal or more. ....

Rapid rise in ethanol prices since early February reflects logistical problems (4/2/2014)
Ethanol spot prices have increased steadily since early February. By late March, New York Harbor (NYH) spot ethanol prices exceeded prices for RBOB (the petroleum component of gasoline) by more than $1 per gallon (Figure 1). Ethanol spot prices in Chicago and Gulf Coast markets also rose above NYH RBOB prices. The premium of NYH over Chicago spot ethanol prices, which had averaged roughly 25 cents per gallon in January, close to the typical transportation costs of moving ethanol from production centers in the Midwest to terminals on the East Coast in recent years, widened to $1 per gallon in early March. Logistical constraints in and around ethanol production centers in the Midwest, mainly involving railroads on which approximately 70% of ethanol is shipped, appear to be a key factor driving recent prices. ....

The spring break travel rush and changes in Florida's gasoline supply (3/26/2014)
Gasoline consumption in Florida typically peaks in March, when seasonal population is high and spring break travelers and baseball fans arrive for some time in the sun. Through the rest of the spring and into the summer, gasoline consumption typically declines as tourism slows and seasonal residents head north to escape the heat (Figure 1). This consumption pattern differs from that of other states, where gasoline consumption typically peaks in July and August and is lowest during the winter months. ....