US Energy Information Administration news

The EIA forecasts average annual crude oil prices in 2024 and 2025 will remain near their 2023 average, with global supply and demand for petroleum liquids expected to be relatively balanced over the next two years.

The EIA reports that the US benchmark Henry Hub natural gas price averaged US$2.57 per million Btu in 2023, about a 62% drop from the 2022 average annual price.

The EIA reports that US retail gasoline prices in 2023 averaged US$0.43 per gal. less than in 2022.

The EIA reports that the price of Brent crude oil averaged US$83/bbl in 2023, down from US$101/bbl in 2022.

As Europe heads into its first winter after banning petroleum product imports from Russia, diesel imports from alternative trade partners look likely, reports the EIA.

Japanese refiner, ENEOS, permanently closed a 120 000 bpd refinery in western Japan in mid-October, and Idemitsu Kosan plans to close a 120 000 bpd refinery in March 2024.

The EIA reports that on 20 November 2023, the regular gasoline retail price averaged US$3.29/gal across the US, 10% less than the same time in 2022.

The US Energy Information Administration (EIA) expects North America’s LNG export capacity to more than double through 2027.

The US Energy Information Administration (EIA) expects global liquid fuels production to increase by 1 million bpd in 2024.

The EIA reports that natural gas pipeline capacity is being developed for new US LNG export terminals.