The OilSpot News by Telvent DTN
Monday, July 18, 2011 VOLUME 10 ISSUE 462  



EIA Revises Global Oil Demand Growth Outlook Lower for 2011
Freight TSI Slides 1.8% in May to Lowest Level since November
Ceridian-UCLA PCI Up 1% in June; Signals 1.8% Hike in Q2 GDP
Chevron sees Higher Q2 Earnings on Better Refining Margins
REG Purchases Biodiesel Production Plant in Minnesota
Crosstex, Apache to Build Natural Gas Processing Plant in Permian Basin
Telvent Announces Recent Enhancements to DTN ProphetX Energy Edition


US Retail Gasoline Average Jumps 6.2cts to $3.641 Gallon
US Retail Diesel Average Up 4.9cts on Week to $3.899 Gallon
Propane Supply Up 3.1 Million Bbl Week-ended July 8


DOE: 15 Companies Awarded 28 Contracts of SPR Crude Oil
ConocoPhillips Board Approves Downstream Business Spinoff
Study: Lifting GOM Moratorium Creates 190,000 Jobs by 2013
EPA Proposes Waiver for Gasoline Vapor Refueling Requirements
Quaiattini Steps Down as CRFA Head after Biofuels Mandates
2 New England Companies Face Fines for Lack of Federal SPCC
Texas Petroleum Marketers, Grocery Associations to Merge


Economic Indicators


Weekly Rack Postings

EIA Trims Fuel Price Outlook
Retail Gasoline Prices Supported by Refining, Crude Acquisition Costs

In its most recent Short-term Energy Outlook released July 12, the Energy Information Administration forecasts regular grade retail gasoline prices averaging $3.56 gallon this year, 4cts below its prior month estimate but 78cts above the 2010 average of $2.78 gallon as crude oil prices remain strong.

“The regular-grade gasoline monthly average retail price fell from $3.91 per gallon in May to $3.68 per gallon in June, reflecting the decline in crude oil prices from their April peak and a recovery from unexpected refinery outages and Mississippi River flooding,” EIA reported.


[FULL STORY]
 

Emerging Economies Driving Growth
IEA Hikes 2011 Global Oil Demand Outlook to 89.5 Million Bpd

The International Energy Agency revised higher by 200,000 bpd its expectations for global oil demand this year, projecting in its Monthly Oil Market report for July released July 13 that the world’s oil consumption rate will be 89.5 million bpd in 2011. If realized, the outlook means year-on-year growth in global oil demand of 1.2 million bpd.

IEA said the adjusted outlook was made because of upward baseline revisions in demand from countries that are not part of the Organization for Economic Cooperation and Development, which triggered a 30,000 bpd upward revision from 2009 to 2012. The increases from developing countries more than offset downward adjustments in demand from countries that make up the OECD due to “persistent high prices and weaker economic activity.”


[FULL STORY]
 

Unsteady Global Economy
Prompts OPEC to Trim 2011 Global Oil Demand Outlook by 40,000 Bpd

The Organization of the Petroleum Exporting Countries trimmed its growth outlook for global oil demand this year from month prior, updating its latest forecast in its Monthly Oil Market Report for July released July 12.

OPEC pared its expectations for world oil consumption this year from 1.4 million bpd to 1.36 million bpd, saying that an “unsteady global economy has added risks to the forecast.” For 2012, the oil cartel projects global oil demand growth at 1.32 million bpd.


[FULL STORY]
 


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