Clipper Oil: Latest Fuel News - Oil Ticks Higher on Crude Inventory Draw

Latest Fuel News

August 2021

Oil Ticks Higher on Crude Inventory Draw

Oil prices recouped some of their latest losses today, after the Energy Information Administration reported a crude oil inventory draw of 3 million barrels for the week to August 20.

This compared with a draw of 3.2 million barrels estimated for the previous week, and a moderate 1.62-million-barrel decline in last week’s inventories reported by the American Petroleum Institute.

At 432.6 million barrels, the EIA said, crude oil inventories in the country are about 6 percent below the five-year seasonal average. Continue reading here (Source: OilPrice).

Petrol and Diesel - Unfit For 2030?

The internal combustion engine (ICE) has dominated car innovation for over a century. During this time, a deeply personal relationship has formed between driver and machine. Perhaps it is the intoxicating smell of exhaust fumes, the gentle hum of the engine on the open road, or maybe the opportunity to get “under the hood.” Whatever the attraction, the ICE has been a great friend to many, arguably rivalling the family pooch for the title of “man’s best friend.” However, in Europe at least, the reign of the ICE is coming to a close, though some believe elimination of the popular engine technology is premature.

On June 24, 2021, the European Parliament formally approved the European Climate Law. The climate law legislates the European Union’s (EU) climate neutral ambitions and includes the binding target of a 55% reduction in net greenhouse gas emissions by 2030, compared to 1990 levels. There is no turning back now, as Europe looks to assert global leadership in the battle against climate change. Continue reading here (Source: Fuel + Lubes).

Retail Gasoline Prices Rise in the Western United States

As of August 2, 2021, regular retail gasoline prices in both the Rocky Mountain region (PADD 4) and the West Coast region (PADD 5) have been higher than the national gasoline price average, according to our Gasoline and Diesel Fuel Update. Among other factors, refinery closures in the West Coast and Rocky Mountain regions in the past year have reduced refinery output of gasoline, which in turn has lowered inventories and contributed to higher prices.

The average regular retail gasoline price in the Rocky Mountain region was $3.64 per gallon (gal) on August 2. That price is $1.27/gal higher than prices were a year ago and 48 cents/gal higher than the U.S. average price. Similarly, retail gasoline prices in the West Coast region were $3.91/gal, $1.08/gal higher than last year and 76 cents/gal higher than the U.S. average price. Continue reading here (Source: Hellenic Shipping News).

With Huge Infrastructure Bill on Table, US to Sell Crude Held in Strategic Petroleum Reserve

The U.S. Department of Energy (DOE) plans to sell up to 20 million bbl of oil from the Strategic Petroleum Reserve (SPR) – double the level sold at an auction earlier this year – as the Biden administration complies with 2015 legislation and tries to raise funds to pay for a massive new infrastructure bill.

The House on Tuesday passed a resolution that paves a path for passage of a $1 trillion infrastructure bill that contains more than $500 billion in new spending. A final vote could come in September. The White House confirmed in June that SPR sales would help pay for the government investments, which would include spending on roads and bridges. The bill would also invest in programs to modernize the nation’s aging electricity grid with new transmission lines that could transport renewable energy. Continue reading here (Source: Natural Gas Intelligence).

OPEC Petroleum Production Forecast Revised Down for 2021

In our August Short-Term Energy Outlook (STEO), we forecast that total world petroleum production will average 98.9 million barrels per day (b/d) in the second half of 2021 (2H21), down from a forecast of 99.4 million b/d in the July STEO. The change is driven mostly by forecast changes to petroleum production from OPEC and Russia as a result of the most recent OPEC+ agreement.

We decreased our forecast for world petroleum production in 2021 because of lower forecast production from OPEC, which is only slightly offset by increased forecast production from Russia. We forecast that global petroleum production in 2022 will average 101.8 million b/d—20,000 b/d less than we forecast in the July STEO. Continue reading here (Source: US Energy Information Administration).

The US EV Charging Network Isn't Ready for the Unexpected Wave of New Cars

Electric cars are the future. Literally.

Whether you want to go green or not, most of us are going to be driving an EV in the next two decades. Automakers are spending billions retooling factories and revamping their fleets to go most or all-electric in the next ten to 15 years, plans fully endorsed by President Joe Biden who wants half of all U.S. auto sales to be electric vehicles by 2030. That's a massive goal considering the market including plug-in hybrids, currently stands at about

One of the biggest barriers to EV adoption is America's charging network. There are roughly 136,400 gas stations in the U.S., but just 43,800 EV charging stations, according to the Department of Energy. And it takes about 10 minutes to fill your car with a tank of gas but about 45 minutes to fully charge an EV, sometimes longer. Continue reading here (Source: News Nation USA).