• The market's perception of
reduced risk to Iraqi oil exports and
news regarding increasing Libyan oil
exports contributed to a drop in the
Brent crude oil spot price to an aver-
age of $107 per barrel in July, $5/
bbl lower than the June average. EIA
projects Brent crude oil prices to aver-
age $107/bbl over the second half of
2014 and $105/bbl in 2015. West Texas
Intermediate crude oil prices fell from
an average of $106/bbl in June to $104/
bbl in July, despite record levels of
U.S. demand for crude oil. The WTI
discount to Brent, which averaged $11/
bbl in 2013, is expected to average
$8/bbl and $9/bbl in 2014 and 2015,
respectively, both $1/bbl lower than
projected in last month's STEO.
• Regular gasoline retail prices fell
to an average of $3.61 per gallon in
July, 8 cents/gal below the June aver-
age. Regular gasoline retail prices are
projected to continue to decline to an
average of $3.30/gal in December. EIA
expects regular gasoline retail prices to
average $3.50/gal in 2014 and $3.46/
gal in 2015, compared with $3.51/gal
in 2013.
EIA Short-Term Energy Outlook Highlights
www.fueloilnews.com | FUEL OIL NEWS | SEPTEMBER 2014 13
Release Date: August 12, 2014
