In our June 2022 Short-Term Energy Outlook (STEO), we forecast that new fields coming online in 2022 will account for 5% of natural gas production and 14% of crude oil production in the U.S. Federal Offshore Gulf of Mexico (GOM) by the end of 2023. We expect that GOM natural gas production will average 2.1 […]
Category: Today in Energy
EIA forecasts growing liquid fuels production in Brazil, Canada, and China through 2023
In our June 2022 Short-Term Energy Outlook (STEO), we forecast that liquid fuels production in Brazil, Canada, and China will increase this year and next, contributing to growth in overall non-OPEC petroleum production. We forecast that petroleum production in the combined non-OPEC countries, excluding the Unites States and Russia, will increase by 3% (0.9 million […]
EIA expects significant increases in wholesale electricity prices this summer
In our latest Short-Term Energy Outlook (STEO), we expect prices this summer in wholesale electricity markets will significantly increase over last summer’s prices. We forecast that electricity prices in the Northeast regions (ISO New England, New York ISO, and PJM markets) will exceed $100 per megawatthour (MWh) between June and August 2022, up from an […]
Most combined-cycle power plants have duct burners to combust turbine exhaust gases
Most combined-cycle power plants in the United States have duct burners that help them make additional use of combustion turbine exhaust gases. Combined-cycle power plants are the most prevalent technology used to generate electricity in the United States, and of the 278 gigawatts (GW) of combined-cycle power plants, about 75% (208 GW) have duct burners […]
Europe imported record amounts of liquefied natural gas in 2022
Europe’s (the European Union and the United Kingdom) liquefied natural gas (LNG) imports set an all-time historical record high in April 2022, averaging 16.5 billion cubic feet per day (Bcf/d) monthly and exceeding 19.0 Bcf/d on some days in April. Europe’s LNG imports increased in 2022 because natural gas storage inventories were at historically low […]
119 publicly traded global oil and natural gas companies added proved reserves in 2021
Annual financial reports by 119 publicly traded exploration and production companies show aggregate proved reserves of crude oil and natural gas increased by 19.2 billion barrels of oil equivalent (BOE) in 2021. A number of factors affect proved reserve levels, some of which depend on the price of crude oil or natural gas. Other factors […]
EIA expects high refinery margins to contribute to increasing fuel production this summer
In our June 2022 Short-Term Energy Outlook (STEO), we forecast that U.S. refinery utilization will be relatively high this summer in response to strong wholesale prices for petroleum products, such as diesel and gasoline, which have increased more than the price of the crude oil used to make them. […]
EIA expects U.S. natural gas prices to remain high through 2022
In our June 2022 Short-Term Energy Outlook (STEO), we forecast that U.S. natural gas spot prices will increase again this month and then remain high through the rest of 2022. Natural gas spot prices at the U.S. Henry Hub benchmark in Louisiana averaged $8.14 per million British thermal units (MMBtu) in May 2022, and we […]
EIA explores effects of weather projections on energy consumption in buildings
Nearly half of the energy consumed in U.S. buildings in 2021 was used for heating and cooling, according to modeled estimates in our Annual Energy Outlook 2022 (AEO2022) Reference case. An Issues in Focus analysis on alternative weather assumptions highlights how different long-term weather projections affect space heating and space cooling demand in the U.S. […]
U.S. liquefied natural gas exports to Europe increased during the first 4 months of 2022
During the first four months of 2022, the United States exported 74% of its liquefied natural gas (LNG) to Europe, compared with an annual average of 34% last year, according to our recently released Natural Gas Monthly and EIA estimates for April 2022. In 2020 and 2021, Asia had been the main destination for U.S. […]