Crude oil imports from Canada have become increasingly important to U.S. oil refineries, now making up most U.S. imports. U.S. oil refining capacity stood at 18.4 million barrels per day (b/d) as of January 1, 2024. In 2023, 60% of U.S. crude oil imports originated in Canada, up from 33% in 2013.
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Allowance prices for greenhouse gas emissions decreased by 11% in California's quarterly joint carbon auction held in May 2024, breaking the recent upward trend amid uncertainty as to how the state regulator will amend rules governing the auctions.
Read More ›Tags: emissions, California, greenhouse gases
U.S. refining capacity increased this year for the second time since the COVID-19 pandemic, according to our annual Refinery Capacity Report. U.S. operable atmospheric crude oil distillation capacity, the primary measure of refinery capacity, totaled 18.4 million barrels per calendar day (b/cd) at the start of 2024, a 2% increase compared with the start of 2023.
Read More ›Tags: liquid fuels, oil/petroleum, capacity, refining
The natural gas futures market is a marketplace where standardized contracts for the future delivery of set natural gas volumes are traded. Most natural gas futures are bought and sold in the New York Mercantile Exchange (NYMEX) and the Intercontinental Exchange (ICE). Futures contracts allow participants to manage their exposure to market volatility by locking in a price today for a future purchase or a future sale of a physical commodity.
Read More ›Tags: natural gas, financial markets, futures
Tags: natural gas, generation, electricity, weather, power plants
Injections into natural gas storage in the Lower 48 states since April 1 have totaled 950 billion cubic feet (Bcf), according to our July 18 Weekly Natural Gas Storage Report. So far this injection season (April 1–October 31), the amount of natural gas injected into storage (less withdrawals) is 15% (166 Bcf) less than the previous five-year average (2019–23) for the same period and 15% (172 Bcf) less than the same time last year.
Read More ›Tags: natural gas, storage, inventories/stocks
Consumption of natural gas in Europe consistently decreased since mid-2022, driven by a combination of mild winter weather and government policies aimed at reducing natural gas consumption. In 2023, natural gas consumption in the European Union’s 27 member countries (EU-27) declined 18% from the previous five-year (2017–21) average according to Eurostat data. During the first five months of 2024 (January–May), consumption remained 19% below the 2017–21 average for the same months.
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The average monthly wholesale spot natural gas price at the U.S. benchmark Henry Hub fell by 20% to $2.56 per million British thermal units (MMBtu) between January and June of this year, according to data from Refinitiv Eikon. In January, the Henry Hub price averaged $3.18/MMBtu, then dropped to $1.49/MMBtu in March, marking the lowest average monthly inflation-adjusted price since at least 1997. In addition, prices from February through April 2024 were the lowest ever recorded for these months.
Read More ›Updated on July 18 to correct the second chart.
California residents are increasingly pairing battery storage with solar installations, according to the latest preliminary data in our Monthly Electric Power Industry Report.
Read More ›Tags: residential, generation, electricity, storage, solar, California, states, net metering
Production capacity of sustainable aviation fuel (SAF) in the United States could increase from around 2,000 barrels per day (b/d) to nearly 30,000 b/d in 2024 if all announced capacity additions come on line. Developers expect Phillips 66’s Rodeo Renewed project to produce up to about 10,000 b/d of SAF beginning this summer, and they expect Diamond Green Diesel’s Port Arthur SAF project to produce about 15,000 b/d of SAF by the end of the year.
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The amount of coal transported in the United States decreased 8% in 2023, continuing a trend in which coal shipments have generally decreased over the past two decades as coal’s share of power generation has declined in the United States. The amount of coal transported to power plants, which are often located far from mines, decreased by more than half, falling from 957 million tons in 2010 to 422 million tons in 2023.
Read More ›Tags: coal, consumption/demand, electricity, rail
The value of all energy trade between the United States and Mexico decreased almost 15% from $77.8 billion in 2022 to $66.5 billion in 2023, adjusted for inflation. Lower fuel prices more than offset the increase in the volume of energy trade between the two countries. Energy trade value represents the total value of energy imports and exports between the two countries. It is influenced by both commodity prices and the volume of commodities imported and exported.
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Liquefied natural gas (LNG) trade increased 3.1% globally in 2023 to average 52.9 billion cubic feet per day (Bcf/d), an increase of 1.6 Bcf/d from 2022, according to a recently released report from the International Group of Liquefied Natural Gas Importers (GIIGNL). Expanded export and import capacity and increasing natural gas demand drove the growth in global LNG trade last year.
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This spring, California refinery crack spreads for gasoline and diesel dipped below average despite shrinking refinery capacity on the West Coast (PADD 5). Crack spreads are the difference between refined product prices and an equivalent volume of crude oil. We use them as a measure to estimate refinery margins based on commodity market conditions. The decline in West Coast crack spreads stems from growing regional gasoline inventories and the increasing use of biofuels in place of conventional, petroleum-based diesel fuels in California.
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The amount of offshore wind generating capacity that is under construction or planned in the United States is in flux after two projects in New Jersey were canceled last year. Of the 7,200 megawatts (MW) of capacity reported in May in EIA’s latest Preliminary Monthly Electric Generator Inventory, projects totaling about 2,400 MW have been canceled since last December while others totaling 4,800 MW remain active in various stages of development.
Read More ›Tags: generation, electricity, Ohio, wind, New York, New Jersey, states, offshore, Massachusetts