09/21 Closing prices / revised 09/22/2023  09:26 GMT  |    09/21    OPEC Basket      95.01        –0.81|    09/21   Mexico Basket (MME)   $86.79  +0.01 06/23  Venezuela Basket (Merey) $57.37  + 1.15 ( from previous month)  (Est. OPEC)  | 09/21    NYMEX WTI Texas Intermediate  October  CLV23  $89.63     -0.03  | 09/21    ICE Brent November  BRNX23   $93.30   -0.23 | 09/21    NYMEX Gasoline October  RBV23    $2.62    +0.07   09/21    NYMEX  Heating Oil  October HOV23   $3.37     +1.2%   |  09/21    Natural Gas October NGV23    $2.84      -2.8%    09/15   Active U.S. Rig Count (Oil & Gas)    641      +9 | 09/22    USD/MXN Mexican Peso   17.1975    Live data  | 09/22      EUR/USD  1.0635    Live data  | 09/22   US/Bs. (Bolivar)      $33.9289000  ( data BCV)    |

EIA forecasts higher heating-oil and diesel prices as U.S. distillate supply marks lowest end-of-October level in over 70 years – Marketwatch


Myra P. Saefong, MarketWatch

EnergiesNet.com 11 09 2022

The Energy Information Administration raised its 2022 and 2023 price forecasts for heating oil and diesel on Tuesday, as U.S. supplies of the fuels known as distillates marked their lowest end-of-October level in more than 70 years.

In its monthly Short-Term Energy Outlook report, the government agency said residential heating-oil prices, including taxes, are expected to average $4.79 a gallon this year — up 4.8% from the October forecast. For 2023, it lifted its heating-oil price forecast by 9.9% to $4.63 a gallon.

Retail diesel prices, including taxes, are expected to average $5.09 a gallon this year, up 2.5% from the previous forecast, with prices for 2023 at $4.65, up 8.4% from the EIA’s October forecast.

U.S. inventories of distillate fuels, which are primarily consumed as diesel and heating oil, will lead to high prices through early 2023, the EIA said. domestic distillate fuel supplies finished the month of October at their lowest levels in any October since 1951, it said.

“Inventories are just one part of the supply equation for diesel and other distillates,” said EIA Administrator Joe DeCarolis, in a statement. “The distillate fuels in storage aren’t the only source of diesel we have to keep trucks and trains moving, but lower-than-average storage levels will contribute to higher costs for diesel and for heating fuels through the winter.”

The government agency also noted that it sees additional uncertainty in the global marketplace for distillates and other fuels, given that the European Union plans to ban imports of petroleum products from Russia in early 2023.

The front-month December heating-oil futures contract tacked on 1.5 cents, or 0.4%, to $3.7963 a gallon in Tuesday trading

The average U.S. price for retail diesel stood at $5.334 a gallon on Tuesday, according to data from GasBuddy. It’s up from $5.289 on Friday.

Read:Diesel shortage keeps fuel prices high at the pump

The EIA, meanwhile, raised its 2022 forecast for U.S. benchmark West Texas Intermediate crude prices by 0.1% to $95.88 a barrel and by 0.9% to $89.33 for 2023. It left its forecast for global benchmark Brent crude this year virtually unchanged at $102.13, but lifted its 2023 forecast by 0.8% to $95.33.

In Tuesday dealings, the front-month December WTI oil contract lost $1.29, or 1.4%, to $90.50 a barrel on Nymex, while January Brent crude traded at $96.93 a barrel on ICE Futures Europe, down 99 cents, or 1%.

marketwatch.com 11 08 2022

Share this news

Support EnergiesNet.com

By Elio Ohep · Launched in 1999 under Petroleumworld.com

Information & News on Latin America’s Energy, Oil, Gas, Renewables, Climate, Technology, Politics and Social issues

Contact : editor@petroleuworld.com

CopyRight©1999-2021, EnergiesNet.com™  / Elio Ohep – All rights reserved

This site is a public free site and it contains copyrighted material the use of which has not always been specifically authorized by the copyright owner.We are making such material available in our efforts to advance understanding of business, environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a ‘fair use’ of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have chosen to view the included information for research, information, and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond ‘fair use’, you must obtain permission fromPetroleumworld or the copyright owner of the material.

Scroll to Top