US Energy Information Administration news

Natural gas storage injections have remained below the five-year average so far for the 2024 summer.

LNG trade increased 3.1% globally in 2023, according to a recently released report from the International Group of Liquefied Natural Gas Importers (GIIGNL).

The US Energy Information Administration (EIA) reports that annual jet fuel consumption in the US grew in 2023 for the third year in a row but remained below the pre-pandemic peak in 2019.

Weekly US average gasoline prices have declined 19 cents/gal since the 2024 high on 22 April, falling to US$3.48/gal on 1 July, 5 cents/gal less than the price a year ago.

The US EIA reports that operable atmospheric crude oil distillation capacity, its primary measure of refinery capacity in the US, increased by 2%, or 324 000 bpd, in 2023.

The potential for a stronger hurricane season suggests heightened risk for weather-related production outages in the US oil and natural gas industry.

The EIA reports that average monthly prices for regular-grade retail gasoline in the US could increase by more than 10 cents per gal. if refinery output is lower than expected.

The EIA reports that US distillate consumption so far this year is lower than usual because of warm winter weather, reduced manufacturing activity, and continued substitution of biofuels in place of petroleum distillate on the US West Coast (PADD 5).

The US EIA forecasts that US LNG exports will continue to lead growth in US natural gas trade as three LNG export projects currently under construction start operations and ramp up to full production by the end of 2025.

The EIA reports that China, the world’s largest importer of crude oil, imported 11.3 million bpd of crude oil in 2023, 10% more than in 2022, according to China customs data.