Pump prices at low since December 2011

The price of gasoline is the lowest in nearly two years, an early holiday gift for U.S. drivers.

The nationwide average for gas is now $3.21. It hasn't been that low since December 2011. Five states — Arkansas, Kansas, Missouri, Oklahoma and Texas — have averages below $3 a gallon.

Gas has fallen 38 cents since Labor Day, a period in which oil prices declined by about $14 a barrel. In addition, a relatively calm hurricane season has meant no major storm-related disruptions at the nation's big refineries.

AAA earlier this week forecast the national average could drop to $3.10 by the end of the year.

http://finance.yahoo.com/news/pump-p...203631773.html

Gulf Gasoline Climbs to 9-Day High on Refinery Upsets

U.S. Gulf Coast gasoline strengthened relative to futures to a nine-day high as refineries operated by Citgo Petroleum Corp., Royal Dutch Shell Plc. and Exxon Mobil Corp reported shutdowns or faults.

Citgo said it halted a reformer following a fire at its Lake Charles, Louisiana, refinery, and Exxon said it planned to flare yesterday because of a unit shutdown at the Chalmette plant, also in Louisiana. Shell’s Deer Park, Texas, site discovered a leak on a pump this week, according to the company, which declined to provide the status of the unit.

The three sites have a combined capacity of 980,700 barrels a day, or about 11 percent of U.S. Gulf Coast refining volume, according to data compiled by Bloomberg and the Energy Information Administration.

http://www.bloomberg.com/news/2013-1...ry-upsets.html

Oil prices may plunge if Iran gets a nuclear deal

Oil futures bounced off an earlier four-month low on Friday, but analysts told CNBC that prices could plunge if an agreement on Iran's nuclear program is made this weekend.

Secretary of State John Kerry unexpectedly joined the ongoing negotiations in Geneva, sparking speculation that a preliminary deal could be reached soon. Iranian oil exports have been decimated by sanctions placed against the country's energy sector by the United States and Europe in response to its nuclear ambitions.

"This news reinforces our existing expectation for an 'agreement in principle' or 'preliminary deal' or 'first step,'" analyst Kevin Book of ClearView Energy Partners said in a note to clients. "We reiterate our bearish bias for Brent crude."

Book predicted that Brent crude oil futures could fall as much as $12 if a deal is reached to remove sanctions on Iran. Those measures have kept about 1 million barrels a day of Iranian crude out of the world market.

While Brent -- the international benchmark for crude oil -- has topped $100 a barrel for the better part of three years, prices have slid more than 10 percent since the end of August, due in part to an easing of tensions between Iran and the West. December Brent crude futures rose slightly Friday morning after falling to a session low of $102.98 a barrel, the lowest price since July.

http://ibnmoney.com/us/2013/11/08/oi...-nuclear-deal/

Brent Slide Leads Energy Prices Lower After Iran Nuclear Accord

Brent crude led energy prices from gasoline to heating oil lower, heading for its biggest loss in three weeks, after Iran and world powers reached a preliminary accord on the country’s nuclear program that will ease economic sanctions while keeping a cap on oil sales.

“The move lower in prices is an expected reaction to the news, especially considering the recent strength,” said Mark Keenan, the head of commodity research for Asia at Societe Generale SA in Singapore. “The market will likely require a little more evidence that this initial resolution goes through” before crude drops further, he said.

Brent for January settlement decreased as much as $3 to $108.05 a barrel on the London-based ICE Futures Europe exchange, the biggest intraday loss since Nov. 1. It was at $108.65 at 3:31 p.m. Singapore time. The contract advanced 97 cents to $111.05 on Nov. 22, the highest close since Oct. 11.

WTI for January delivery fell as much as $1.55 to $93.29 a barrel in electronic trading on the New York Mercantile Exchange. The contract was at a discount of $15.03 to Brent. It closed at $16.21 on Nov. 22, the widest gap since March 14.

http://www.bloomberg.com/news/2013-1...ar-accord.html