Content about Petroleum products

WASHINGTON — Falling crude oil prices will help continue to push the retail price of gasoline lower this year and next, according to this month’s Short-Term Energy Outlook from the U.S. Energy Information Administration (EIA).

EIA expects that falling crude prices will help national average regular gasoline retail prices fall from an average of $3.63 per gallon in 2012 to annual averages of $3.44 per gallon in 2013 and $3.34 per gallon in 2014.

Diesel fuel retail prices averaged $3.97 per gallon during 2012 and are forecast to fall to an average of $3.87 per gallon in 2013 and $3.78 per gallon in 2014.

Meanwhile, the cost of natural gas is expected to go up, EIA reports. Working inventories, which were at record-high levels in early November, ended 2012 at an estimated 3.5 trillion cubic feet (Tcf), slightly above the level at the same time the previous year.

EIA expects the Henry Hub natural gas spot price, which averaged $4 per million British thermal units (MMBtu) in 2011 and $2.75 per million MMBtu in 2012, to average $3.74 per MMBtu in 2013 and $3.90 per MMBtu in 2014.

WASHINGTON — With natural gas working inventories remaining at record highs, the average 2012 Henry Hub spot price forecast stands at nearly 50 cents per MMBtu below the 2011 average price, according to the U.S. Energy Information Administration’s (EIA) Short-Term Energy Outlook report released Tuesday.

EIA’s average 2012 Henry Hub natural gas price forecast is $3.53 per MMBtu. The agency expects that spot prices will average $4.14 per MMBtu in 2013.

Inventories at the end of 2011 were an estimated 3.5 trillion cubic feet, about 12% above the same time the previous year.

Average household heating oil expenditures are expected to increase 4% this winter heating season (Oct. 1 to March 31) compared with last winter. In contrast, natural gas and propane expenditures are projected to decline by 7% and 1%, respectively, and electricity expenditures are 2% lower than last winter’s levels.

EIA expects regular-grade gasoline retail prices to average $3.48 per gallon this year, 4 cents per gallon lower than 2011, and $3.55 per gallon in 2013.

WASHINGTON — The Henry Hub spot price averaged $4.05 per MMBtu in August, 37 cents lower than the July average, according to the U.S. Energy Information Administration’s (EIA) latest Short-Term Energy Outlook report. This month’s report lowers the 2011 forecast by 4 cents to $4.20 per MMBtu and lowers the 2012 forecast by 11 cents to $4.30 per MMBtu, the report says.

Part of this downturn is due to natural gas consumption for electric power generation falling from 29.7 billion cubic feet per day (Bcf/d) in July to 29.2 Bcf/d in August, as July’s extreme temperatures eased, EIA says. Still, the administration expects that total natural gas consumption will grow by 1.8% to 67.3 Bcf/d in 2011.

The outlook is better for route drivers as well, with regular-grade gasoline retail prices falling by 40 cents per gallon from their peak this year of $3.97 per gallon on May 9 to $3.57 per gallon on June 27, EIA says. Gasoline retail prices stabilized in July and August with weekly retail prices averaging between $3.58 per gallon and $3.71 per gallon, but are projected to fall to an average $3.47 per gallon in the fourth quarter 2011 after refiners switch production from summer-grade gasoline to lower-cost winter-grade gasoline.

EIA expects U.S. refiner average crude oil acquisition cost will average $100 per barrel in 2011 and $103 per barrel in 2012. But energy price forecasts are highly uncertain, the report says.

WASHINGTON — With natural-gas working inventories ending 2010 at about 1% below the 2009 record-setting end-of-December level, consumers can expect to pay slightly less for natural gas in 2011, according to the U.S. Energy Information Administration (EIA) short-term energy outlook.