US Energy Information Administration news

In 2022, US ethane demand increased by approximately 9%, or almost 0.2 million bpd, to support the growing petrochemical industry.

The EIA forecasts that US refinery utilisation will remain similar to 2022, at above 90% over the next two years, as the industry returns to more typical rates after low refinery utilisation in 2020 and 2021.

As a result of the shutdown of Suncor's 103 000 bpd oil refinery in Commerce City, Colorado, US, supply of diesel and gasoline has been disrupted, and prices have risen.

Less refinery activity in China resulted from mobility restrictions related to COVID-19, and low petroleum product export quotas.

According to the EIA, the Brent price rose significantly in 1H22 but generally declined in the second half of the year.

The EIA forecasts that US industrial natural gas consumption will increase by 3% in 2022, after increasing by 2% in 2021.

Norway is among the top 10 natural gas producing nations in the world and has always been an important source of natural gas to the EU.

In 2Q22, China processed the least amount of crude oil since 1Q20, which is when the COVID-19 pandemic had the strongest effect on the country’s economic activity.

In 1H22, US exports of petroleum products averaged nearly 6 million bpd – the highest first-half-of-year exports in the EIA's Petroleum Supply Monthly data since 1981.

Although total natural gas storage inventories in California, US, are 4% higher than they were one year ago, storage operation and capacity utilisation vary significantly by region.