High demand and lower supply has led to big draw in inventories and Gasoline approaching $3.00 across the country

Via EIA:

Average world price as of March 11th is 110.86.  Rising mostly as demand has been strong, but oil imports continue to be bought forward constricting available supply.  Nervousness with the continued Arab Flu which has infected the strategically important countries of Egypt, Libya and Saudi Arabia. 

Lower production and solid demand made for another big draw in gasoline inventories during the March 11 week, down 4.2 MM barrels for the fourth straight sizable draw. Domestic refineries reduced their gasoline output by 300K barrels per day in the week to 8.7 MM barrels per day. High prices or not, demand, at 9.1 MM barrels per day, is solid in what is an important confirmation of consumer strength.

Oil imports will be getting more and more attention as the effects of the Libyan embargo begins to be felt. They have yet to be felt in the US where weekly oil imports rose 400K barrels per day to 8.7 MM barrels per day. The rise in imports fed a headline 1.7 MM barrel build in weekly commercial crude inventories. This is the eighth build in nine weeks in a reminder that supply is very heavy, underscored by record levels at the Cushing, Oklahoma hub.

The average world crude oil price on March 11, 2011 was $110.86 per barrel, $1.86 more than last week’s price and $32.69 above a year ago.  WTI was $101.14 per barrel on March 11, 2011, $3.20 less than last week’s price but $19.88 above a year ago. The spot price for conventional gasoline in the New York Harbor was $2.828 per gallon, $0.059 less than last week’s price but $0.708 above last year. The spot price for No. 2 heating oil in the New York Harbor was $3.014 per gallon, $0.064 less than last week’s price but $0.929 above a year ago.

Crude Type: Price as of 03/11/2011
Total World : 110.86
United States : 105.31
OPEC Average : 111.58
Abu Dhabi, Murban 39º : 113.27
Algeria, Saharan Blend 44º : 116.21
Angola, Cabinda 32º : 113.57
Dubai, Fateh 32º : 110.25
Ecuador, Oriente 30º : 105.82
Iran, Heavy 30º : 108.49
Iran, Light 34º : 111.33
Iraq, Kirkuk 36º : 111.42
Kuwait, Kuwait 31º : 109.06
Libya, Es Sider 37º : 113.05
Neutral Zone, Khafji 28º : 110.93
Nigeria, Bonny Light 37º : 117.96
Nigeria, Forcados 31º : 118.3
Qatar, Dukhan 40º : 112.18
Saudi Arabia, Arabian Heavy 27º : 106.58
Saudi Arabia, Arabian Light 34º : 110.93
Saudi Arabia, Arabian Medium 31º : 109.03
Venezuela, Tia Juana Light 31º : 108.85
Non-OPEC* Average : 109.8
Australia, Gippsland 42º : 117.94
Brunei, Seria Light 37º :
Cameroon, Kole 34º : 113.94
Canada, Canadian Par 40º : 100.34
Canada, Heavy Hardisty 22º : 85.68
Canada, Lloyd blend 22º :
China, Daqing 33º : 111.36
Colombia, Cano Limon 30º : 115.89
Egypt, Suez Blend 33º : 108.84
Indonesia, Minas 34º : 115.53
Malaysia, Tapis Blend 44º : 120.78
Mexico, Isthmus 33º : 108.74
Mexico, Maya 22º : 100.04
Norway, Ekofisk Blend 42º : 116.26
Oman, Oman Blend 34º : 110.56
Russia, Urals 32º : 111.78
United Kingdom, Brent Blend 38º : 114.35

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