The OilSpot News by Telvent DTN
Monday, October 17, 2011 VOLUME 10 ISSUE 475  



Weather, Crude Prices Main Drivers of Heating Fuel Costs
EIA Trims 2011 Global Oil Demand Outlook, Maintains 2012 View
DOT: August Freight TSI Shipments Hit Highest Level in 3 Years
PCI’s 1% Decline in September suggests No US GDP Growth in Q3
Holly Energy Acquiring HollyFrontier Pipeline, Tank Assets
Total S.A. Restructuring Downstream, Chemicals Segments
Higher Natural Gas Production Driving Increased Propane Output


US Retail Gasoline Average Eases 1.6cts to $3.417 Gallon
US Retail Diesel Average Shed 2.8cts to $3.721 Gallon
Home Heating Oil Average DN 1.4cts at $3.678 Gallon
Propane Supply Up 400,000 Bbl Week-Ended Oct.7


Magellan’s Mankato Gasoline Loadings Remain Suspended
Tesoro: Mandan Terminal Resumes Normal Ops after Fuel Issue
Wisconsin Lawmaker Calls for Scientific Study of E15 Gasoline
Pelican Refining Pleads Guilty to Clean Air Act Obstruction
Ohio Seeks Temporary Closure of Heartland Refinery over Odor
NJ Gas Station Owner Fined, Licenses Impacted by Violations
Delek US Acquires Final 11.7% Lion Oil Stake; Now Owns 100%


Economic Indicators


Weekly Rack Postings

EIA Lowers Fuel Price Outlook
Retail Gasoline, Diesel Prices Underpinned by Crude Costs, Margins

In its latest Short-term Energy Outlook released Oct. 12, the Energy Information Administration forecast regular grade gasoline prices will average $3.52 gallon this year, 4cts below the prior month estimate but 74cts above the 2010 average of $2.78 gallon.

EIA reiterated that this increased price reflects not only the higher cost of crude oil but also changes in the average U.S. refinery gasoline margin, which is the difference between refinery wholesale gasoline prices and the average cost of crude oil.


[FULL STORY]
 

IEA Trims Global Oil Demand Outlook
Points to Economic Slowdown, Less Q3 Demand from Emerging Economies

The International Energy Agency reduced its outlook for global oil demand because of downward adjustments to projected world economic growth and lower-than-expected consumption during the third quarter by developing countries that are not part of the Organization for Economic Cooperation and Development.

In its Oil Market Report for October released Oct. 12, Paris-based IEA revised lower its projected world consumption rate of oil for this year by 50,000 bpd to 89.25 million bpd, which follows a 210,000 bpd downward adjustment made in September. For 2012, IEA lowered its projected global oil demand rate by 210,000 bpd, which follows September’s 400,000 bpd downward revision.


[FULL STORY]
 

OPEC Trims Oil Demand Outlook
Highlights New Government Policies on Fuel, Subsidies by China, India

Pointing to new government policies in China and India that are seen curbing fuel demand in those two countries, the Organization of the Petroleum Exporting Countries revised lower its outlook for global oil demand for this year from the producer group’s September outlook, announcing the adjustments in its Monthly Oil Market Report for October released Oct. 11.

“Chinese oil demand is bound to uncertainty because of new government policies aimed at reducing transport fuel use,” said OPEC. “India’s increase in retail prices is expected to play a major role in dampening oil consumption in the coming year.”


[FULL STORY]
 


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