50.24$US/1 Barrel
59.70$US/1 Barrel
55.10$US/1 Barrel
68.87$US/1 Barrel
75.61$US/1 Barrel
75.71$US/1 Barrel
77.66$US/1 Barrel
65.01$US/1 Barrel
64.04$US/1 Barrel
67.79$US/1 Barrel
50.11$US/1 Barrel
55.68$US/1 Barrel
55.28$US/1 Barrel
60.68$US/1 Barrel
64.72$US/1 Barrel
60.50$US/1 Barrel
62.00$US/1 Barrel
52.50$US/1 Barrel
57.50$US/1 Barrel
59.00$US/1 Barrel
485.00$US/MT
378.00$US/MT
705.00$US/MT
585.00$US/MT
508.00$US/MT
463.75$US/MT
368.00$US/MT
395.25$US/MT
678.00$US/MT
844.25$US/MT
SEATTLE (Oil Monster): The U.S. Energy Information and Administration (EIA) noted that crude oil prices witnessed a general downward trend during the initial three-month period of the current year. Also, U.S. refinery margins dropped during the final month of the quarter, after increasing initially.
The crude oil prices touched a quarterly peak of $82 per barrel by mid-January this year, but generally declined through the end of Q1, settling at $75 per barrel at the end of the quarter. The general decline in prices was mainly attributed to the concerns surrounding future economic growth. It must be noted that the U.S. GDP fell marginally by 0.3% during the first quarter of 2025.
Similarly, U.S. refinery utilization started 2025 at 93%, but fell below 90% in mid-January, ending the quarter at a lower rate of 86%. The Midwest utilization remained high, maintaining levels above 90% throughout the period, except for the last week of the quarter. The West Coast utilization dropped to below 75% in late March, partly due to outages at California refineries.
The East Coast utilization ended the quarter at 59% after starting the year at 83%. Also, Gulf Coast utilization started showing signs of improvements going into the second quarter of the year, IEA noted.