U.S. GAS PRICES UP
The average price of a gallon of gasoline in the United States gained nearly 25 cents in the past four weeks, according to a survey released on Sunday.
Regular-grade gas climbed to around $2.02 per gallon in the March 20 survey, from $1.77 on Feb. 19, survey publisher Trilby Lundberg said in an interview.
The chief cause of the gasoline price rise was the recent increase in crude oil prices due in part to a weaker U.S. dollar, Lundberg said.
U.S. crude futures have soared by about 33 percent from $29.64 on Feb. 19 to $39.44 on March 18.
"We may see gasoline prices increase further even if crude oil prices do not continue rising because U.S. refiners have to prepare summer-grade gasoline to meet a May 1 deadline in most of the country," she said.
It costs more to make summer-grade gasoline, which has a lower vapor pressure to prevent smog, she explained.
In the Lundberg panel of around 2,500 gas stations in large cities in 48 states, the lowest average retail price for gas was in Newark, New Jersey, at $1.66 per gallon, and the highest was in Los Angeles, at $2.72 per gallon.
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GAZPROM - The parties discussed relevant issues related to bilateral cooperation, including the Baltic LNG project. Emphasis was placed on the priority measures aimed at developing a joint design concept (pre-FEED).
BHGE - U.S. Rig Count is up 11 rigs from last week to 1,063, with oil rigs up 8 to 869, gas rigs up 4 to 193, and miscellaneous rigs down 1 to 1. Canada Rig Count is up 13 rigs from last week to 195, with oil rigs up 8 to 127 and gas rigs up 5 to 68.
REUTERS - Brent crude futures had risen $1.02 cents, or 1.3 percent, to $81.28 a barrel by 0637 GMT. The contract dropped 3.4 percent on Thursday following sharp falls in equity markets and indications that supply concerns have been overblown. U.S. West Texas Intermediate (WTI) crude futures were up 80 cents, or 1.1 percent, at $71.77 a barrel, after a 3 percent fall in the previous session. WTI is on track for a 3.5 percent drop this week.
EIA - Brent crude oil spot prices averaged $79 per barrel (b) in September, up $6/b from August. EIA expects Brent spot prices will average $74/b in 2018 and $75/b in 2019. EIA expects West Texas Intermediate (WTI) crude oil prices will average about $6/b lower than Brent prices in 2018 and in 2019.