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This Week in Petroleum

Wednesday, May 22, 2019 - Heading into the 2019 Memorial Day weekend, regular gasoline prices averaged $2.85/gal nationally on May 20, 7 cents lower than last year's price of $2.92/gal before the holiday weekend. Although the national average price of regular retail gasoline has decreased for two weeks in a row, the U.S. EIA expects U.S. regular retail gasoline prices will average $2.92/gal during the 2019 summer driving season, 7 cents/gal higher than last summer, according to EIA's May Short-Term Energy Outlook.

Net income for 43 U.S.oil producers reached a five-year high in 2018, totaling $28 billion. Based onthis metric, 2018 was the most profitable year for these U.S. oil producerssince 2013, despite average West Texas Intermediate (WTI) crude oil prices thatwere $33 dollars per barrel (b) lower in 2018 than in 2013, as well as anapproximate 40% within-quarter decline in prices in the fourth quarter.

Short-Term Energy Outlook - May 2019

Tuesday, May 7, 2019 - EIA forecasts that crude oil production in OPEC will average 30.3 million b/d in 2019, down by 1.7 million b/d from 2018. In 2020, EIA expects OPEC crude oil production to fall by 0.4 million b/d to an average of 29.8 million b/d. Production in Venezuela and Iran account for most of the OPEC output declines in 2019 and in 2020, but EIA expects these declines to be partially offset by production increases from other OPEC members.

Baker Hughes Rig Count - Apr 2019

Tuesday, May 7, 2019 - Baker Hughes announced today that the international offshore rig count for April 2019 was 251, up 4 from the 247 counted in March 2019, and up 57 from the 194 counted in April 2018. The average offshore U.S. rig count for April 2019 was 22, no change from March 2019, and up 6 from the 16 counted in April 2018.