The OilSpot News by Schneider Electric
Monday, June 17, 2013 VOLUME 11 ISSUE 559  











EIA Trims Gasoline Price Outlook
Weaker Crude Costs, Higher Refinery Runs seen Pressuring Gasoline

In its most recent Short-term Energy Outlook released June 11, the Energy Information Administration lowered its retail gasoline price outlook for this year on weaker crude prices and a recovery in refinery output.
 
EIA projected regular gasoline retail prices, which averaged $3.63 gallon in 2012, would average $3.49 gallon this year, a penny below May’s estimate. In 2014, retail gasoline is seen at $3.37 gallon, a decline of 2cts from month-ago expectations.

[FULL STORY]

IEA Trims 2013 Global Oil Demand
Points to Higher Production from OPEC Led by Saudi Arabia

Global oil demand this year is expected to increase 785,000 bpd or 0.9% from 2012 forecasts the International Energy Agency in their Oil Market Report for June released June 12, 10,000 bpd lower than their May expectations.
 
Reporting little change in their estimated year-on-year growth rate IEA said, “Absolute demand estimates have been trimmed on account of revised historical data for Russia.”

[FULL STORY]

Weak Demand for Distillates
OPEC Trims 2013 Global Oil Demand Growth Outlook to 780,000 Bpd

World oil consumption this year is expected to grow 780,000 bpd to 89.65 million bpd projects the Organization of the Petroleum Exporting Countries in its Monthly Oil Market Report for June released June 11, shaving 10,000 bpd off its May outlook while matching the group’s estimate for global oil demand in 2012.
 
“The forecast remains unchanged from the previous report, despite a downward revision to the first quarter due to actual data,” states the report.

[FULL STORY]



EIA’s regular grade US retail gasoline price average reached a $3.655 gallon three-week high June 10. Will the average be higher or lower on July 4th?
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