EIA: historic drought at the Panama Canal causes delays
Delays at the Panama Canal because of low water levels are causing very large gas carrier (VLGC) rates to reach record highs, increasing the cost of shipping LPG.
Browse the latest us energy information administration news news and articles.
Delays at the Panama Canal because of low water levels are causing very large gas carrier (VLGC) rates to reach record highs, increasing the cost of shipping LPG.
The EIA reports that US exports of petroleum products grew by 2% to nearly 6 million bpd in 1H23.
Monthly average natural gas wholesale spot prices at the US benchmark Henry Hub have been generally declining so far in 2023, but these relatively low prices do not immediately translate into lower retail prices for residential consumers.
The EIA has reported that record volumes of crude oil were imported into China during 1H23 because of refinery expansions in the country and initiatives to reopen the economy.
The US exported more natural gas in 1H23 than in any other previous six-month period, 11% more than in the same period in 2022.
The US Energy Information Administration (EIA) expects global oil inventories to decline by almost a half million bpd in 2H23.
Production cuts among OPEC+ members are limiting availability of medium and heavy sour grades of crude oil and contributing to higher relative prices for these grades, reversing typical price relationships.
So far in 2023, 10 natural gas-fired power plants have come online in the US with a total of 6.6 GW of electric generating capacity. The EIA expects another six natural gas-fired power plants with another 1.8 GW of capacity to come online in 2H23.
The US exported more LNG than any other LNG-exporting country in the first six months of 2023.
Unplanned refinery outages and lower gasoline production capacity are increasing the costs of producing summer-grade gasoline in the US.
In 1H23, natural gas spot prices at Texas hubs traded closer to the US benchmark, Henry Hub, than in the second half of 2H22.
The EIA has reported that refiners in China processed and imported record volumes of crude oil in 1H23, sourcing much of the additional crude oil runs from Russia, Iran, Brazil, and the US.