Today in Energy
Daily natural gas spot prices in western United States exceed $50.00/MMBtu in December
On December 21, 2022, daily natural gas spot prices at three major trading hubs in the western United States (Pacific Gas & Electric Citygate, Northwest Sumas on the Canada-Washington border, and Malin, Oregon) were higher than $50.00 per million British thermal units (MMBtu). These hub prices...
Nuclear power plants generated 68% of France’s electricity in 2021
France has one of the largest nuclear power programs in the world. Nuclear power plants in France generated 361 billion kilowatthours of electricity in 2021, accounting for 68% of the country’s annual electricity generation, the highest nuclear generation share in the world. Read More...
Increasing renewables likely to reduce coal and natural gas generation over next two years
In our latest Short-Term Energy Outlook, we expect that increased U.S. power generation from new renewables capacity—mostly wind and solar—will reduce generation from both coal-fired and natural gas-fired power plants in 2023 and 2024. Read More...
EIA forecasts lower wholesale U.S. natural gas prices in 2023 and 2024
In our January Short-Term Energy Outlook (STEO), we forecast the natural gas spot price at the U.S. benchmark Henry Hub will average $4.90 per million British thermal units (MMBtu) in 2023, more than $1.50/MMBtu lower than the 2022 average. We expect prices to stay nearly the same in 2024 as dry...
U.S. commercial buildings consumed more fuel for space heating than anything else in 2018
In 2018, nearly one-third (32%) of the energy consumed by commercial buildings in the United States was used for space heating, the largest end-use category tracked in our latest Commercial Buildings Energy Consumption Survey (CBECS). Read More...
EIA expects U.S. gasoline and diesel retail prices to decline in 2023 and 2024
We forecast retail gasoline and diesel prices will decline in 2023 and 2024, according to our latest Short-Term Energy Outlook (STEO), after reaching multiyear highs in the first half of 2022. We forecast that retail prices for regular-grade gasoline will average $3.32 per gallon (gal) in 2023 and...
Crude oil prices forecast to decline beginning in the second half of 2023
In our January 2023 Short-Term Energy Outlook, we forecast the Brent crude oil price (the global benchmark) will rise from an average $81 per barrel (b) in December 2022 to average $83/b in the first quarter of 2023 (1Q23). We expect this forecast increase to follow the upcoming EU ban on seaborne...
Wholesale U.S. electricity prices were volatile in 2022
Average wholesale electricity prices at major trading hubs in the United States rose throughout much of 2022 and were, at times, volatile as a result of extreme weather events. The limited availability of coal to substitute for higher-priced natural gas also contributed to higher electricity prices...
Average 2022 wholesale U.S. natural gas cost more than any time since 2008
In 2022, the wholesale U.S. natural gas spot price at the national benchmark Henry Hub in Louisiana averaged $6.45 per million British thermal units (MMBtu), the highest annual average—in both real and nominal terms—since 2008, based on data from Refinitiv Eikon. The 2022 average Henry Hub real...
U.S. retail gasoline prices rose in summer but ended 2022 lower than start of 2022
Rising crude oil prices and increased gasoline demand early in 2022 contributed to rising U.S. retail gasoline prices in the summer, but gasoline prices ended 2022 lower than at the start of the year because of more refinery production and less demand during the second half of the year. Read More...
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