In November 2016, high production and seasonally low internal demand contributed to record crude oil exports from Iraq and near-record exports from Saudi Arabia (according to the Joint Organizations Data Initiative (JODI), with published data dating to January 2002). In that same month price spreads in the market supported high levels of U.S. crude imports from those countries. However, market developments, including the November 2016 agreement among certain members of the Organization of the Petroleum Exporting Countries (OPEC) to reduce production and the recent widening of the spread between Dubai/Oman crude and U.S.-produced Mars crude, suggest U.S. imports from Saudi Arabia and Iraq are now becoming less attractive to U.S. refiners.
According to the latest JODI data, Saudi crude oil exports reached 8.3 million barrels per day (b/d) in November 2016, the highest level since May 2003, before declining to 8.0 million b/d in December. Saudi exports generally increase from August to November as seasonal declines in domestic consumption increase availability of oil for export. In Iraq, exports reached a record high of almost 4.1 million b/d in November and remained at that level in December (Figure 1). According to JODI data, Saudi and Iraqi production levels were relatively high prior to the pledged production cuts beginning January 2017, with December 2016 volumes up 321,000 b/d and 700,000 b/d, respectively, from their year-ago levels, creating an opportunity to increase exports.
Given transit times, cargoes exported from Saudi Arabia and Iraq in November and December 2016 would be expected arrive in the United States between December 2016 and February 2017. Imports from Saudi Arabia into the United States increased for five consecutive weeks, rising from 1.0 million b/d for the week ending January 6 to 1.3 million b/d for the week ending February 10. Similarly, U.S. imports from Iraq grew for five consecutive weeks, increasing from 373,000 b/d for the week ending December 9, 2016 to 723,000 b/d for the week ending January 13, 2017 (Figure 3).
The price difference between Dubai/Oman medium sour grade oil, which serves as a benchmark price for similar grades produced through the Middle East, and Mars, a U.S. medium sour crude oil with similar properties, was at its lowest level for several years in 2016 (Figure 4). Under such pricing conditions, medium and heavy crude oils from Saudi Arabia and Iraq were attractive to U.S. refiners because they produced a profitable slate of finished products when processed in complex refineries.
After OPEC announced crude oil production cuts in late November 2016, the relative price of Dubai/Oman crude oil rose because supply reductions pledged by Middle East producers disproportionately affected medium sour crudes. In January 2017, the premium of Dubai/Oman over Mars reached its highest level in over a year, which is likely to encourage U.S. refiners to process more domestic medium sour barrels while reducing imports of comparable grades from the Middle East.
U.S. average regular gasoline price falls, diesel price rises
The U.S. average regular gasoline retail price fell less than one cent from the previous week to $2.30 per gallon on February 20, up 57 cents from the same time last year. The Midwest price fell two cents to $2.19 per gallon, while the Gulf Coast price fell one cent to $2.07 per gallon. The West Coast and Rocky Mountain prices each increased two cents to $2.75 per gallon and $2.25 per gallon, respectively. The East Coast price increased less than one cent, remaining at $2.29 per gallon.
The U.S. average diesel fuel price increased less than one cent, remaining at $2.57 per gallon on February 20, 59 cents higher than a year ago. The Rocky Mountain price increased three cents to $2.55 per gallon, while the West Coast, Midwest, and Gulf Coast prices each increased one cent to $2.88 per gallon, $2.50 per gallon, and $2.43 per gallon, respectively. The East Coast price rose less than one cent, remaining at $2.63 per gallon.
Propane inventories fall
U.S. propane stocks decreased by 3.3 million barrels last week to 49.8 million barrels as of February 17, 2017, 16.9 million barrels (25.3%) lower than a year ago. Gulf Coast, Midwest, and East Coast inventories decreased by 1.8 million barrels, 1.0 million barrels, and 0.6 million barrels, respectively, while Rocky Mountain/West Coast inventories were unchanged. Propylene non-fuel-use inventories represented 5.8% of total propane inventories.
Residential heating oil price increases, propane price decreases
As of February 20, 2017, residential heating oil prices averaged nearly $2.65 per gallon, less than one cent per gallon more than last week’s price but 55 cents per gallon higher than last year’s price at this time. The average wholesale heating oil price is just under $1.72 per gallon, two cents per gallon less than last week but nearly 62 cents per gallon higher than a year ago. Residential propane prices averaged just below $2.45 per gallon, nearly one cent per gallon less than last week’s price but 42 cents per gallon higher than a year ago. Wholesale propane prices averaged $0.82 per gallon, four cents per gallon lower than last week but nearly 35 cents per gallon higher than last year’s price.
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Funko Action Figuresare a popular collectible toy that is now being incorporated into the workplace to motivate employees. The action figures have been used as an alternative to the traditional desk calendar or as a prize for top performers. With this type of incentive, employers can expect their employees to feel more motivated and productive.
Many employers have found that Funko Action Figures are a great way to motivate their employees and provide incentives for high performance at work. Funko Action Figures are a popular collectible toy that is now incorporated into the workplace. These small collectibles are given to employees to motivate them. Funko figures were once only available at comic book stores, but now they are being used in offices for this purpose.
The company is called Zappos and they first introduced this idea back in 2009. They gave these figurines to their employees as a way of motivating and rewarding them for their hard work and dedication. Although it’s not very clear why the action figures themselves motivate people, we can see that it has been working well for Zappos as they have continued to use it since 2009. These soft-bodied vinyl figures, often called "Pop!" Figures were originally conceived by Mike Becker and founded by Alan Becker.
The Funko Pop! Action Figure is a line of collectible toys produced by the company Funko LLC. They are typically stylized vinyl figures depicting characters from various media and entertainment. First introduced to the public in 2005, the company was originally founded as a bobblehead company in 1998 and became popular through distribution at chain retailers such as Walmart and Target. The first wave of Funko Pops was based on Disney properties like Mickey Mouse as well as other popular culture icons such as Conan O’Brien and Catwoman.
Funko Action Figures are collectible figurines that often depict pop culture characters. They are often used in the office to motivate employees and provide a sense of community. Funko has established itself as a major player in the toy industry with its trademarked Pop! vinyl figures. This company is taking on new ventures like collecting by introducing Funko Action Figures, for example, Boba Fett from the Star Wars movies. This type of product is sometimes called a 'blind box' because you don't know which figure you're getting until you open it. The Boston-based company, BuzzFeed, has introduced this type of toy into their office to help with team building and morale. The employees at this company seem to have a lot of fun with them.
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It is important to know where to gun parts from. There are many places you can buy them from, but it is important to choose the right place so that you get the best quality and service. There are many places where you can buy gun parts from. You can buy them from gun stores, online retailers, and even at a flea market.
One of the best places to buy gun parts from is Always Armed.They have a wide range of products available, they offer great customer service, and they have convenient shipping options.
Buying gun parts can be a difficult task. There are many different types of firearms and there is a huge variety of gun parts. The right place to buy gun parts depends on what you are looking for and what kind of firearm you have.
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When it comes to buying gun parts, you need to be very careful. There are a lot of scams out there and some companies just want to take your money and never send you the goods.