Texas power grid met record-breaking demand for electricity during recent heat wave
An extreme heat wave in late June and July led to record-breaking demand for electricity in Texas as homes and businesses turned up their air-conditioning, fans, and other cooling equipment to cope with the heat. Power plants in the Electric Reliability Council of Texas (ERCOT)—the grid operator for most of the state—increased output to meet […]
Refinery capacity increased slightly for the first time since the COVID-19 pandemic
U.S. refining capacity increased slightly for the first time since the COVID-19 pandemic, as of January 1, 2023, reversing two years of decline, according to our annual Refinery Capacity Report. Operable atmospheric crude oil distillation capacity, our primary measure of refinery capacity in the United States, totaled 18.1 million barrels per calendar day (b/cd), a […]
Almost all U.S. renewable diesel is consumed in California; most isn’t made there
California accounts for nearly all renewable diesel consumption in the United States, but most of it isn’t made in the state. More than eight times the renewable diesel was consumed in California than was produced there in 2021. Instead, most of California’s renewable diesel was produced in other states or was imported, mostly from Singapore.
Natural gas prices fall in first half of 2023 amid record production and mild temperatures
The average monthly spot natural gas price at the U.S. benchmark Henry Hub fell 34%, or $1.12 per million British thermal units (MMBtu), to $2.18/MMBtu between January and June, according to data from Refinitiv Eikon. The Henry Hub price averaged $3.30/MMBtu in January on an inflation-adjusted basis and then dropped below $2.50/MMBtu starting in February. […]
EIA forecasts crude oil prices will increase through 2024 as demand rises above supply
We forecast higher crude oil prices in the second half of 2023 and into 2024 in our latest Short-Term Energy Outlook (STEO) because of moderate but persistent inventory drawdowns. Inventory drawdowns take place when demand for a commodity is greater than the supply of that commodity. We expect production cuts from OPEC members and forecast […]
U.S. gasoline inventories are rising, driven by East Coast market dynamics
U.S. gasoline inventories have been rising following a low this year of 216 million barrels (8% below the previous five-year average) on May 26. East Coast (PADD 1) gasoline inventories account for most of the national inventory growth despite refinery unit outages that are limiting regional gasoline production. Relatively high gasoline prices on the East […]
Natural gas storage injections exceed five-year average so far this summer
Working natural gas inventories totaled 2,930 billion cubic feet (Bcf) in the Lower 48 states as of July 7, according to our Weekly Natural Gas Storage Report. U.S. natural gas production has outpaced demand, resulting in more natural gas injected into storage midway through the 2023 refill season (April 1–October 31). Since April 1, net […]
As Texas wind and solar capacity increase, energy curtailments are also likely to rise
We project combined wind and solar generating capacity in Texas’s power market will double by 2035, fueling a growing renewable share of total generation. However, without upgrades to the state’s transmission system, wind and solar generation will increasingly be curtailed, according to our recent analysis, A Case Study of Transmission Limits on Renewables Growth in […]
2022 Appalachian natural gas production flat with productivity declines in key counties
Natural gas production in the Appalachian Basin remained flat in 2022 as production from a group of four key Pennsylvania counties declined.
Crude oil and natural gas proved reserves held by public companies fell slightly in 2022
International proved crude oil and natural gas reserves held by 187 publicly traded global exploration and production (E&P) companies declined by 5.6 billion barrels of oil equivalent (BOE) in 2022, or 2%, according to data from the companies’ annual financial reports. In 2020, proved reserves held by these public companies had dropped by 9% due […]