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Short-Term Energy Outlook, December 2023
Natural gas prices. The Henry Hub spot price in our forecast averages close to $2.80 per million British thermal units this winter (November—March), down more than 60 cents from our November Short-Term Energy Outlook (STEO). The downward revision reflects both a warmer-than-average start to the winter, which has reduced demand for space heating in the residential and commercial sectors, and high natural gas production. These two factors have increased natural gas storage inventories. We forecast U.S. natural gas inventories will end the winter 22% above the five-year average (2018–2022), with more than 2,000 ... (full story)
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EIA STEO REPORT: BRENT CRUDE OIL SPOT PRICE TO INCREASE TO AVERAGE OF $84/BBL IN FIRST HALF 2024 FROM $78/BBL IN DECEMBER, PARTLY DRIVEN BY OPEC+ CUTS.
— Breaking Market News (@financialjuice) December 12, 2023
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U.S. EIA CUTS FORECAST FOR 2023 WORLD OIL DEMAND GROWTH BY 30,000 BPD, NOW SEES 1.85 MLN BPD YR-ON-YR INCREASE
— First Squawk (@FirstSquawk) December 12, 2023
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U.S. EIA CUTS FORECAST FOR 2024 WORLD OIL DEMAND GROWTH BY 60,000 BPD, NOW SEES 1.34 MLN BPD YR-ON-YR INCREASE
— First Squawk (@FirstSquawk) December 12, 2023
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EIA expects combined U.S. solar and wind electricity generation to surpass coal-fired generation in 2024
The U.S. Energy Information Administration (EIA) expects, for the first year on record, combined electricity generation from wind and solar to surpass generation from coal in 2024. EIA expects solar generation in 2024 to increase 39% (228 kilowatthours) from 2023, driven by continued increases in solar capacity. “Renewables, particularly solar photovoltaics, are growing rapidly and making large contributions to electricity generation," DeCarolis said. EIA expects natural gas prices to be $2.77 per million British thermal units this winter, about 23% lower than previously forecast. The winter season is off to a ... (full story)