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Russia's Novak: There are no discussions about oil output increases at OPEC+
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China has allocated more export quotas for refined petroleum products for 2024, issuing a second batch that nearly matches the volumes in the first batch. China has recently ...
US natural gas prices broke their longest monthly losing streak since 2020. This comes after an El Niño winter swept across the Lower 48, causing demand to dwindle and storage ...
Global oil prices. We expect voluntary OPEC+ crude oil production cuts and ongoing geopolitical risks will keep the Brent crude oil spot price near $90 per barrel (b) for the remainder of 2024 before falling to an average of $85/b in 2025 as global oil production growth picks up. • Global oil production tables. This month we are publishing streamlined global oil data tables. These tables provide a more complete breakout of OPEC+ production data and provide a new breakout of world crude oil and other liquid fuels production. • U.S. retail gasoline prices. Across the United States, we forecast that retail gasoline prices will average near $3.70 per gallon from April through September, which is similar to prices during the same period last year. Refinery operations are a source of uncertainty for gasoline markets this summer. An upcoming Perspectives supplement looks in more depth at the effect refinery operations could have on retail gasoline prices. • Natural gas production. We expect U.S. dry natural gas production to fall by 2% from the first quarter of 2024 (1Q24) to 2Q24 as a result of low natural gas prices. We expect 1% less natural gas will be produced in the United States in 2024 than last year before production increases by 2% in 2025 to a record of almost 105 billi post: #OOTT | EIA STEO Current Yr Crude F'cast (Bpd) May: 13.20 (prev 13.21) - Forward Yr Crude F'cast (BPD): 13.73 (prev 13.72) - Current Yr Dry NatGas F'cast (Bcf/d): 102.99 (prev 103.58) - Forward Yr Dry NatGas F'cast (Bcf/d): 104.79 (prev 104.88)EIA expects electricity growth to be mostly met by renewables The U.S. Energy Information Administration (EIA) expects electricity generation will grow by about 3% in 2024 and 1% in 2025. Renewable energy sources—chiefly solar—will supply most of that growth. EIA expects electricity from solar, wind, and hydropower combined to account for 22% of total U.S. generation in 2024, increasing to 24% in 2025. Electricity from those three sources had made up 21% of U.S. generation in 2023. EIA forecasts solar will provide 41% more electricity in 2024 than in 2023. Generation from wind grows 5% in 2024 in EIA’s May forecast, but if wind speeds differ significantly from expectations, wind generation could change. EIA expects 6% more hydropower generation in 2023 than in 2024, with the most significant growth in the Southeast. “In 2025, we expect generation from solar to exceed the contribution from hydroelectricity for the first year in history,” said EIA Administrator Joe DeCarolis. Other highlights from the May Short-Term Energy Outlook (STEO) include: U.S. retail gasoline prices. EIA forecasts that retail gasoline prices will average near $3.70 per gallon in the United States from April through September, similar to prices during the same period last year. EIA plans to publish a STEO supplement analyzing how refinery operations could affect retail gasoline prices in the summer driving season next week. Coal. EIA increased its forecasts for U.S. coal production and exports, as the immediate impact of the closure of the Port of Baltimore has become clearer. EIA now forecasts that U.S. coal exports will total 99 million short tons in 2024—a 4% increase from its April forecast but still less than expected before the collapse of the Francis Scott Key Bridge. Although EIA also increased its forecast for coal production in 2024 from last month, it still forecasts 14% less coal will be produced in the United States than in 2023. Trans Mountain Pipeline. EIA expects that the startup of the Trans Mountain Pipeline last week will alleviate distribution bottlenecks and support the increase of Canada’s production of liquid fuels to about 6.3 million barrels per day in 2025, an increase of 500,000 barrels per day from current production. New to STEO: Global oil data tables. Beginning with this month’s STEO, EIA will be including new streamlined global oil data tables, which provide a more complete breakout of OPEC+ production data and provide a new breakout of world crude oil production that is separate from other liquid fuels production. The full May 2024 STEO is available on the EIA websit
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Our crude oil analysis suggests prices may bounce back in the coming days. In fact, crude oil prices managed to bounce off their worst levels, after reaching fresh multi-week lows ...
Russia’s crude flows rebounded in the seven days to May 5, with additional vessels leaving the major ports of Kozmino on the Pacific coast and Murmansk on the Arctic. The ...
The Biden administration is taking advantage of a dip in oil prices to restart plans to refill its depleted emergency oil cache. The Energy Department announced Tuesday it was ...
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- Posted: May 7, 2024 1:13pm
- Submitted by:Category: High Impact Breaking NewsComments: 0 / Views: 311