According to EIA, US crude oil exports reached record levels in 2020 and remain high in 2021, despite volatility in global oil markets.
According to EIA, as a result of several US refinery closures in 2020, US operable atmospheric crude oil distillation capacity dropped 4.5% to a total of 18.1 million bpd at the start of 2021.
According to EIA, although demand has increased for distillate, gasoline and jet fuel from their 2020 lows, the extent of the demand growth has differed by product.
In its June ‘Short-Term Energy Outlook’ (STEO), the EIA forecasts that rising global production of petroleum and other liquid fuels will limit price increases for global crude oil benchmarks.
According to the EIA, the record-breaking cold snap which hit the US in February 2021 caused the largest monthly declines on record for natural gas production and industrial sector consumption, while residential sector consumption reached a record high.
The US Energy Information Administration reports that US imports of biomass-based diesel grew 12% in 2020 to more than 31 000 bpd.
According EIA, natural gas storage capacity remained essentially unchanged in 2020; however, some operators revised earlier estimates, increasing working gas capacity.
According to EIA analysis, planned refinery outages during the 2Q21 are unlikely to cause a significant shortfall in the supply of petroleum products in the US, particularly in transportation fuels including gasoline, jet fuel, and distillate fuel.