U.S. OIL PRICES UP
- Monthly average crude oil prices increased in February. The average domestic crude oil first purchase price rose $1.29 (3.0 percent), to $44.35 per barrel.
- The average free-on-board (f.o.b.) cost of imported crude oil climbed $4.97 (12.4 percent), to $44.89 per barrel. The average landed cost of foreign crude oil increased $2.72 (6.2 percent), to $46.57 per barrel.
- The average refiner acquisition cost for domestic crude oil rose $1.40 (2.9 percent), to $50.30 per barrel. The average cost of imported crude oil increased $2.44 (5.5 percent), to $47.18 per barrel. The composite refiner acquisition cost for crude oil rose $1.96 (4.2 percent), to $48.96 per barrel.
- Monthly average prices for sales of motor gasoline by refiners moved higher during February. The average retail price climbed 18.5 cents to $1.858 per gallon, while the average wholesale price rose 27.1 cents to $1.637 per gallon.
- Sales of finished motor gasoline by refiners increased in February. Total sales rose 11.6 million gallons per day (3.8 percent) to an average of 317.1 million gallons per day. Retail sales increased 400,000 gallons per day (1.7 percent), while wholesales climbed 11.2 million gallons per day (4.0 percent). DTW sales made up 7.8 percent of wholesales, while rack and bulk sales accounted for 84.1 percent and 8.0 percent, respectively.
No. 2 distillate
- Monthly average prices for sales of No. 2 distillates by refiners rose in February. The average sales price for No. 2 diesel fuel to end users increased 16.3 cents to $1.982 per gallon, while the average wholesale price climbed 24.6 cents to $1.862 per gallon. The average wholesale price for No. fuel oil rose 18.1 cents to $1.850 per gallon.
- Sales of No. 2 ultra-low sulfur diesel fuel by refiners increased during February. Retail sales rose 100,000 gallons per day (0.8 percent), while wholesales increased 1.3 million gallons per day (0.9 percent).
Residual fuel oil
- Monthly average prices for sales of residual fuel oil by refiners rose in February. The wholesale price for low-sulfur residual fuel oil increased 21.4 cents to $1.150 per gallon. Prices for high-sulfur residual fuel oil climbed 15.0 cents to $1.342 per gallon at retail, and 8.6 cents per gallon to $1.124 per gallon at wholesale.
- Refiner sales of residual fuel oil rose in February. Total sales increased 1.3 million gallons per day (12.9 percent) to an average of 11.4 million gallons per day.
- Prices for the remaining surveyed products rose in February. Propane, kerosene-type jet fuel, and No. 1 distillate prices increased at both retail and wholesale, while prices for aviation gasoline, kerosene, and No. 4 distillate rose at the wholesale level.
- Refiner sales of propane and kerosene-type jet fuel increased at both retail and wholesale during February, while No. 1 distillate sales fell at both levels. Sales of aviation gasoline rose at wholesale, while kerosene and No. 4 distillate sales decreased at the wholesale level.
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AN - China National Offshore Oil Corp. (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.
REUTERS - Production at Libya’s giant Sharara oil field was expected to fall by at least 160,000 barrels per day (bpd) on Saturday after two staff were abducted in an attack by an unknown group, the National Oil Corporation (NOC) said.
IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.
IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.