The OilSpot News by Schneider Electric
Monday, April 14, 2014 VOLUME 12 ISSUE 601  

Steady as She Goes
EIA Expects Summer Season Retail Gasoline Averaging $3.57 Gallon

In its most recent Short-term Energy Outlook released Apr. 8, the Energy Information Administration held steady its retail gasoline price forecast for this year while projecting the summer-season average at just below last year due to weaker crude oil prices.
EIA estimates regular gasoline retail prices this year would average $3.45 gallon, unchanged from last month’s estimate and 6cts lower than the 2013 average.


IEA Cuts Demand Growth on Russia
2014 Global Oil Demand Unchanged as Asia Offsets Russian Cut

Year-on-year growth for world oil demand in 2014 was revised down although the absolute consumption rate at 92.7 million bpd was roughly unchanged due to higher baseline demand figures, the International Energy Agency said Friday (4/11) in their Oil Market Report for April.
The Paris-based energy watchdog for world oil consuming nations projects annual growth in oil demand this year at 1.3 million bpd, revised down 100,000 bpd after being revised higher by a like amount in March, with the revision “reflecting downward adjustments to the projection of Russian demand,” said IEA.


US Demand Slowed Early Q1 from Q4
OPEC Firms 2014 Global Oil Demand Growth Outlook at 1.3%

World demand for oil this year is forecast to grow by 1.14 million bpd or 1.3% to 91.15 million bpd proposed the Organization of the Petroleum Exporting Countries in their Monthly Oil Market Report released Apr. 10, little changed from March, with the annual growth rate seen at a quicker pace then 2013’s 1.05 million bpd expansion.
OPEC reiterated in their report that the “bulk of the growth” in 2014 would come from countries that are not part of the Organization for Economic Cooperation and Development, “as most of the OECD is still in contraction.”


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