News

Since early January 2024, U.S. refinery utilization has decreased 11%, falling as low as 81% during the two weeks ending February 9 and February 16, and briefly dropped below the five-year (2019–23) low. Although U.S. retail average prices for gasoline and diesel are below 2023 prices for this...

U.S. crude oil production averaged 13.3 million barrels per day (b/d) in December 2023, following sustained productivity increases at new wells, according to our latest Petroleum Supply Monthly (PSM). U.S. crude oil production has increased to record highs since 2010 and has risen even more quickly...

Crude oil processing, or refinery runs, in China averaged 14.8 million barrels per day (b/d) in 2023, an all-time high. The record processing came as the economy and refinery capacity grew in China following the country’s COVID-19 pandemic responses in 2022. Read More...

The United States was again the largest supplier of liquefied natural gas (LNG) to Europe (EU-27 and the UK) in 2023, accounting for nearly half of total LNG imports, according to data from CEDIGAZ. Last year marks the third consecutive year in which the United States supplied more LNG to Europe...

The U.S. benchmark Henry Hub daily natural gas price averaged $1.50 per million British thermal units (MMBtu) on February 20, 2024, the lowest price in inflation-adjusted dollars since at least 1997, according to data from Refinitiv Eikon. High natural gas production, low natural gas consumption...

The price of compliance credits for biomass-based diesel and ethanol has decreased about 45% since the start of the year, when prices were already the lowest in about three years. The decline in the price of credits, known as renewable identification numbers (RINs), is due primarily to lower costs...

After a volatile 2022, average wholesale electricity prices at most major trading hubs in the Lower 48 states generally declined and traded within more narrow price ranges in 2023, according to data from S&P Global Market Intelligence. Prices decreased primarily because of lower natural gas...

Natural gas is the single-largest source of energy used to generate electricity in the United States, making up 43% of electricity generation in 2023. Natural gas-fired power plants accounted for the second-most U.S. generating capacity additions in 2023, trailing only solar. Combined with...

U.S. liquefied petroleum gas (LPG) and ethane exports through the Panama Canal rose in January 2024 with a return to vessel traffic through the shipping channel as drought conditions eased. Transit volumes of LPG and ethane had fallen in late 2023 amid a historic drought at the Panama Canal. Read...

Operators plan to retire 5.2 gigawatts (GW) of U.S. electric generating capacity in 2024, a 62% decrease from last year when 13.5 GW was retired and the least in any year since 2008, according to our latest Preliminary Monthly Electric Generator Inventory. Coal and natural gas jointly account for...