The Energy Information Administration (EIA) just released its weekly reports on petroleum and natural gas supply and demand. They both showed the beginnings of a return to balance in the American fuel market. While demand remains low for oil and its refined products, supply is moving lower for equilibrium. The same is happening for (more…)
Posts Tagged ‘gasoline’
Some balance returning to US fuel inventories
Thursday, July 9th, 2009Gas price passes $2.50 at the pump
Monday, June 1st, 2009
As I wrote a couple weeks back was likely, gasoline prices just rose above $2.50 per gallon nationwide. And since oil prices have kept increasing, the gasoline price has a bit further to rise. This has huge implications for our whole energy (more…)
Gas price passing diesel
Wednesday, May 13th, 2009
As I wrote two months back would happen, the price of gasoline is catching up with diesel after a couple years of separation. A year ago, diesel would cost you 60 cents more than gasoline. But looking at the trends in pump prices over the last few days, parity should be reached by (more…)
US Oil Supplies Climb Further – Records May be Tested
Wednesday, March 18th, 2009The US Energy Information Agency reported another build in fuel supplies last week on low demand and high production. If crude supplies continue on this trajectory another few weeks, they may hit record levels. And lower heating needs from the fast-approaching Spring mean that diesel prices are indeed close to the parity with gasoline I mentioned (more…)
Gasoline and Diesel Move toward Parity Again
Wednesday, March 4th, 2009Remember the old days when gasoline and diesel had roughly the same price? Well, it looks like things are returning toward price parity after last year when diesel often had a premium of ~75 cents. These past few weeks, US diesel production has created ample supply levels and the price has fallen toward the rising price of gasoline. (more…)
Gas prices search for a bottom
Wednesday, December 10th, 2008After falling another penny and a half today to $1.683 per gallon (the record 84th straight day of falling prices), some analysts believe gasoline may be approaching a bottom. They cite the latest weekly survey by Mastercard that suggests gas demand over the past week reached the same level as this week last year for the first time in several months. If they are right, ~$1.60-$1.65 may be as low as gas prices are headed.
But today’s EIA oil inventory report tells a different story. (more…)
Gasoline Supplies at Record Low, Ike Maintains Grip on Oil Market
Wednesday, September 24th, 2008The EIA weekly oil report just came out. And as I’ve been writing for days, it wasn’t pretty. Gasoline inventories fell to their lowest level since the 1960s — when gasoline demand was around half of what it is today. This thin margin of supply over demand has already resulted in 10+ days of shortages in (more…)
Hurricane Ike hits oil & gas with wind and storm surge
Friday, September 12th, 2008After forecasters predicted a variety of tracks for Ike these past several days, it finally ended up taking one of the worst possible paths in terms of potential damage to oil and gas infrastructure. Not only is it hitting a large swath of offshore oil and gas rigs, but it also threatens to flood and cut off electricity for the refining center of our country. Luckily for everyone, Ike wasn’t organized enough to pull together its Category 4 potential. But the storm surge and the huge swath affected by this enormous storm make it potentially devastating nonetheless. The latest National Hurricane Center track has Ike (more…)
Hurricane Ike a Huge Threat to Gasoline Supplies
Thursday, September 11th, 2008Drivers hoping for sub-$3.50 gasoline should be wary of Ike. Hurricane Ike has a minimum pressure capable of spurring Category 4 strength at ~950 mb, but the storm’s disorganization is spreading that energy across a larger area rather than focusing it on tremendous winds around the eye. So the cyclone is the size of Katrina (hurricane winds up to 115 miles away from the eye and tropical storm winds up to 275 miles!), but it’s much weaker.
It is still a serious threat to (more…)