US Energy Information Administration news

Persistent withdrawals from global oil inventories have led to increases in crude oil prices, but the EIA forecasts that global oil markets will begin to balance through 2023, leading to a drop in prices.

In 2021, the wholesale spot price for natural gas at the Henry Hub in Louisiana (the US benchmark for natural gas prices) averaged US$3.89/million Btu.

The US average regular gasoline retail price decreased by US$0.02 to US$3.28/gal. on 27 December 2021, US$1.03 higher than in 2020.

According to an EIA report, once the new LNG trains at Sabine Pass LNG and Calcasieu Pass LNG are placed in service, US LNG export capacity will become the world’s largest.

US jet fuel inventories have fallen below their five-year average as a result of less refinery production in October 2021, and increased jet fuel consumption during summer 2021.

According to analysis from EIA, carbon fees as high as US$35/t could decrease CO2 emissions in the US by as much as 19% in 2050, compared to 2020 levels.

The EIA expects 3.4% more US propane consumption this winter compared with last winter, reflecting greater use of propane as a petrochemical feedstock.

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.