Petroleum Marketing Monthly - Dec. 4, 2012
In this issue of the Petroleum Marketing Monthly, survey data show prices for crude oil and finished petroleum products continued to rise during September, while September Prime Supplier sales data show an overall downward trend in consumption of finished petroleum products. Also, please see “Explaining EIA Crude Oil and Petroleum Product Price Data and Comparing with Other U.S. Government Data Sources, 2001 to 2010” for an in-depth examination of EIA petroleum products marketing survey data to other sources of similar information.
The direction of the daily spot price for West Texas Intermediate (WTI) wasmixed during September. After opening at $96.47 per barrel, the price was pressured by the aftereffects of Hurricane Isaac on crude oil stores: The storm, which made its final landfall in Louisiana on August 29, led to the shut-in of 1.3 million barrels (94.8 percent) of daily crude oil production in the Gulf of Mexico region at the height of its impact on the region. The resulting drop in crude oil stores underpinned the price during coming weeks. Political demonstrations in North African and Middle Eastern countries along with the attack on the U.S. consulate in Benghazi, Libya in addition to the U.S. Federal Reserve Bank's announcement of the third round of economic stimulus provided additional support for the price. After reaching the month's high of $98.94 per barrel on September 14, the price began to fall, pressured by robust stocks and ongoing concerns about economic conditions in markets across the globe. After reaching its low of $89.92 per barrel on September 26, the price closed the month at $92.18 per barrel, $4.29 below its opening level for September. Averaging $94.51 per barrel for the month overall, the price was 38 cents (0.4 percent) higher than last month's average of $94.13 per barrel. Compared with September 2011 average of $85.56 per barrel, the current price is $8.95 (10.5 percent) higher. ...