Henry Hub daily natural gas spot price fell to record lows in February
The U.S. benchmark Henry Hub daily natural gas price averaged $1.50 per million British thermal units (MMBtu) on February 20, 2024, the lowest price in inflation-adjusted dollars since at least 1997, according to data from Refinitiv Eikon. High natural gas production, low natural gas consumption, and higher natural gas inventories than the previous five-year (2018–22) […]
More productive wells spur U.S. crude oil production higher
U.S. crude oil production averaged 13.3 million barrels per day (b/d) in December 2023, following sustained productivity increases at new wells, according to our latest Petroleum Supply Monthly (PSM). U.S. crude oil production has increased to record highs since 2010 and has risen even more quickly in recent months. These record highs have come despite […]
Crude oil processing in China hit a record high in 2023
Crude oil processing, or refinery runs, in China averaged 14.8 million barrels per day (b/d) in 2023, an all-time high. The record processing came as the economy and refinery capacity grew in China following the country’s COVID-19 pandemic responses in 2022.
The United States remained the largest liquefied natural gas supplier to Europe in 2023
The United States was again the largest supplier of liquefied natural gas (LNG) to Europe (EU-27 and the UK) in 2023, accounting for nearly half of total LNG imports, according to data from CEDIGAZ. Last year marks the third consecutive year in which the United States supplied more LNG to Europe than any other country: […]
Biomass-based diesel and ethanol compliance credit prices decline 45% from start of year
The price of compliance credits for biomass-based diesel and ethanol has decreased about 45% since the start of the year, when prices were already the lowest in about three years. The decline in the price of credits, known as renewable identification numbers (RINs), is due primarily to lower costs for agricultural feedstocks relative to petroleum […]
Wholesale U.S. electricity prices were relatively low in 2023
After a volatile 2022, average wholesale electricity prices at most major trading hubs in the Lower 48 states generally declined and traded within more narrow price ranges in 2023, according to data from S&P Global Market Intelligence. Prices decreased primarily because of lower natural gas prices, mild temperatures at the start of the year, reduced […]
Use of natural gas-fired generation differs in the United States by technology and region
Natural gas is the single-largest source of energy used to generate electricity in the United States, making up 43% of electricity generation in 2023. Natural gas-fired power plants accounted for the second-most U.S. generating capacity additions in 2023, trailing only solar. Combined with increasing domestic supply and relatively low natural gas prices, the versatility of […]
U.S. energy flows through Panama Canal rose slightly in January
U.S. liquefied petroleum gas (LPG) and ethane exports through the Panama Canal rose in January 2024 with a return to vessel traffic through the shipping channel as drought conditions eased. Transit volumes of LPG and ethane had fallen in late 2023 amid a historic drought at the Panama Canal.
Retirements of U.S. electric generating capacity to slow in 2024
Operators plan to retire 5.2 gigawatts (GW) of U.S. electric generating capacity in 2024, a 62% decrease from last year when 13.5 GW was retired and the least in any year since 2008, according to our latest Preliminary Monthly Electric Generator Inventory. Coal and natural gas jointly account for 91% of the planned capacity retirements […]
Solar and battery storage to make up 81% of new U.S. electric-generating capacity in 2024
Developers and power plant owners plan to add 62.8 gigawatts (GW) of new utility-scale electric-generating capacity in 2024, according to our latest Preliminary Monthly Electric Generator Inventory. This addition would be 55% more added capacity than the 40.4 GW added in 2023 (the most since 2003) and points to a continued rise in industry activity. […]