US DATA: EIA STEO – EIA expects the U.S. average refiner
acquisition cost of crude oil to remain relatively flat, averaging about
$100 per barrel in 2011 and 2012. The value of West Texas Intermediate
(WTI) benchmark crude oil was about $11 per barrel below the U.S.
refiner acquisition cost of crude oil in the third quarter of this year.
The forecast WTI price discount narrows to $8 per barrel by the fourth
quarter of 2012, as rail and truck capacity is added to the region.
EIA’s U.S. and world economic growth assumptions have been lowered from
last month’s Outlook. World oil-consumption-weighted real GDP grows by
3.1 percent in 2012, compared with 3.5 percent in the previous Outlook.
EIA projects that average household heating expenditures for heating oil
and propane will increase by 10 percent and 9 percent, respectively,
this winter (October 1 to March 31) compared with last winter. Average
expenditures for households that heat with oil or propane are forecast
to be higher than in any previous winter.”
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