U.S. monthly crude oil production exceeds 11 million barrels per day in August

(Thu, 01 Nov 2018) U.S. crude oil production reached 11.3 million barrels per day (b/d) in August 2018, according to EIA’s latest <Petroleum Supply Monthly>, up from 10.9 million b/d in July. This is the first time that monthly U.S. production levels surpassed 11 million b/d. U.S. crude oil production exceeded the Russian Ministry of Energy’s estimated August production of 11.2 million b/d, making the United States the leading crude oil producer in the world.

New England’s competitive electricity markets lead to less price volatility

(Wed, 31 Oct 2018) Of the six states that comprise New England, all but Vermont have deregulated electricity markets that allow customers to choose among competitive suppliers to provide their electricity. Retail electricity prices paid by customers in New England who choose a competitive supplier are much less volatile than wholesale electricity prices, but temporary increases in competitive retail electricity prices occur at about the same time as the largest increases in wholesale electricity prices.

Resumption of Iran sanctions adds uncertainty to crude oil and gasoline price forecasts

(Wed, 24 Oct 2018) EIA’s October 2018 <em>Short-Term Energy Outlook</em> (STEO) forecasts Brent crude oil spot prices, which averaged $79 per barrel (b) in September, to average $81/b in the fourth quarter of 2018, before falling to an average of $75/b in 2019. However, the effects of the U.S. withdrawal from the Joint Comprehensive Plan of Action (JCPOA), the re-imposition of sanctions on Iran, and the potential response from members of the Organization of the Petroleum Exporting Countries (OPEC) and other countries pose significant uncertainty to the forecast.

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