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Oil & Propane Prices Today

Global growth in use of gasoline outpaces diesel in 2014 (7/30/2014)
Unlike in recent years, growth in global gasoline consumption is outpacing diesel growth in 2014. At the same time, new refining capacity engineered to produce more distillate than gasoline is coming online in 2014. The narrowing spread for December 2014 futures contracts demonstrates how these two factors may be temporarily leading to a tighter global gasoline market than was expected at the beginning of the year. ...

U.S. Refineries Running at Record Levels (7/23/2014)
Refinery inputs hit a record-high 16.8 million barrels per day (bbl/d) for the week ending July 11, eclipsing the previous record from summer 2005 and more than 280,000 bbl/d higher than a year ago. Inputs remained at 16.8 million bbl/d for the week ending July 18 as well (Figure 1). Inputs at refineries in Petroleum Administration for Defense Districts (PADDs) 2 and 3 (Midwest and Gulf Coast, respectively) were particularly strong, reflecting Midcontinent refiners' recent refinery capacity expansions, growing domestic demand, and increasing exports. ...

California continues to regulate carbon intensity of motor fuels used in California (7/16/2014)
The U.S. Supreme Court has declined to review the Ninth U.S. Circuit Court of Appeal’s September 2013 ruling that upheld the constitutionality of California’s Low Carbon Fuel Standard (LCFS). The court on June 30, 2014 returned the case to a lower court for additional review and the California LCFS remains in effect. ...

Unrest in Iraq prompts EIA's July Short-Term Energy Outlook to reduce Iraqi oil production growth (7/9/2014)
Escalating violence in Iraq pushed North Sea Brent crude oil prices to a nine-month high of $115 per barrel (bbl) on June 19. Prices have since fallen to $107/bbl as of July 9, as continued Iraqi crude oil exports have lessened market concerns about an imminent supply disruption. However, the escalation of violence in northern Iraq that started in June has introduced significant uncertainty into the Iraq oil production outlook. In the July Short-Term Energy Outlook (STEO), EIA forecasts Iraqi crude production to average near 3.1-3.2 million barrels per day (bbl/d) throughout the forecast period, which runs through 2015. Compared to the June STEO forecast, EIA has reduced Iraqi production growth in both 2014 and 2015 to take into account recent events, lowering total production by 0.6 million barrels per day (bbl/d) by December 2015. In the updated forecast, monthly Iraqi crude production is not expected to exceed its recent level of 3.3 million bbl/d through the end of 2015. ...