US Energy Information Administration news

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, exports of fuel ethanol fell in the US for the second year running.

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.

EIA reports that China’s refineries processed more crude oil than US refineries for most of 2020.

The US Energy Information Administration expects the US – a net exporter of petroleum in 2020 – to return to being a net petroleum importer on an annual basis in both 2021 and 2022.

The US Energy Information Administration expects production of all fossil fuels – crude oil, coal, dry natural gas, and natural gas plant liquids – to increase in 2022, but forecast fossil fuel production will remain lower than the 2019 peak.

US regular retail gasoline prices were on average 44 cents/gal (17%) lower than in 2019.