US Energy Information Administration news

The US Energy Information Administration (EIA) reports that associated natural gas production increased 9% in 2022 due to higher crude oil production.

Low gasoline demand and the switch to winter-grade gasoline pushed the spread between gasoline blendstock and crude oil prices to multiyear lows in early October 2023.

The US Energy Information Administration (EIA) projects that global energy consumption and associated carbon dioxide emissions will increase through 2050.

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.