US Energy Information Administration news
EIA: four countries could account for most near-term petroleum liquids supply growth
In 2023, the world produced an estimated 101.8 million bpd of petroleum and other liquids: mostly crude oil but also lease condensate, natural gas liquids, biofuels, and other liquids from hydrocarbon sources.
EIA expects low natural gas prices to continue in 2024
The US Energy Information Administration (EIA) expects the benchmark Henry Hub spot price to average about US$2.25 per million Btu in 2024, a 10% decrease from 2023 and a 65% decrease from 2022.
EIA: Midwest refinery outage is affecting petroleum product markets
Spot petroleum product prices at the Chicago trading hub are increasing after an unplanned outage of BP’s refinery in Whiting, Indiana, US, on 1 February 2024.
EIA: LNG sale and purchase agreements signed in 2023 support US LNG projects
Developers advanced three LNG projects to the construction phase in 2023, following the signing of sale and purchase agreements (SPA) underpinning the projects.
UAE invests to meet 2027 crude oil production capacity goal
The EIA reports that the UAE has invested heavily in increasing hydrocarbon production capacity.
Rise in relatively denser crude oil production drives US growth
The EIA reports that in 2023, most of the crude oil produced in Texas was relatively dense for the state.
EIA expects average US gasoline and diesel prices to decrease in 2024 and 2025
The US Energy Information Administration (EIA) expects average US retail gasoline prices to decrease in 2024 because of increased inventories related to increased refinery capacity.
EIA expects relatively flat crude oil prices in 2024 and 2025
The EIA forecasts average annual crude oil prices in 2024 and 2025 will remain near their 2023 average, with global supply and demand for petroleum liquids expected to be relatively balanced over the next two years.
US Henry Hub natural gas prices in 2023 were the lowest since mid-2020
The EIA reports that the US benchmark Henry Hub natural gas price averaged US$2.57 per million Btu in 2023, about a 62% drop from the 2022 average annual price.
2023 US annual average retail gasoline prices lower than 2022
The EIA reports that US retail gasoline prices in 2023 averaged US$0.43 per gal. less than in 2022.