U.S. refiners are cranking out gasoline at record rates. But gasoline sales are increasing to China, Argentina, Ecuador and elsewhere, amid slowing consumption by American motorists.
U.S.
refiners are cranking out gasoline at record rates. But gasoline sales are
increasing to
China
,
Argentina
,
Ecuador
and elsewhere,
amid slowing consumption by American motorists.
Net exports of gasoline in the first four months of 2013 are up 44,000 barrels
a day from the same period a year earlier, to a record 377,500 barrels a day,
government data show.
At the same time,
U.S.
gasoline demand is down 61,750 barrels a day to a 12-year low of 8.5 million
barrels a day, according to the Energy Information Administration.
Excess gasoline supplies in the
U.S.
are
finding a home abroad, where emerging markets want high-quality fuel to feed
their growing needs.
U.S.
refiners also have been able to offer competitive prices because of low
domestic crude costs. At the same time, in the
U.S.
,
drivers are using more fuel-efficient vehicles, which is denting demand.
U.S.
refiners, returning from seasonal maintenance and flush with rising supplies
from surging shale-oil fields, are pulling down crude stockpiles, which were at
an 82-year high as recently as late May. The abundant supply represented by the
stockpiles had kept
U.S.
oil
prices trading at a discount to global crude.
Now those stockpiles are down 1.1% from a year ago at 373.9 million barrels,
showing the first year-on-year decline since March 2012, the EIA said
Wednesday.
The EIA report sent crude-oil futures prices on the New York Mercantile
Exchange up by $2.99 to $106.52 a barrel, the highest price since March 2012. Gasoline
futures prices climbed 3% to $3.0149 a gallon, the most since April 2. The
gasoline futures price would translate to about $3.70 a gallon at the pump
nationwide, 20 cents higher than current prices.
Implied
U.S.
gasoline demand got a boost last week from the July Fourth holiday, hitting an
11-month high. But the EIA projects the fireworks won't last.
The independent analysis wing of the Department of Energy expects third-quarter
gasoline demand to be flat with last year, with the summer's monthly peak
anticipated as a 12-year low for August. If demand slows as expected, refiners
likely will look to boost exports further to trim gasoline stocks, which are
now at a 12-year high.
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