Today in Energy
U.S. Henry Hub natural gas prices in 2023 were the lowest since mid-2020
The U.S. benchmark Henry Hub natural gas price averaged $2.57 per million British thermal units (MMBtu) in 2023, about a 62% drop from the 2022 average annual price, according to data from Refinitiv Eikon. Record-high natural gas production, flat consumption, and rising natural gas inventories...
In 2023, U.S. annual average retail gasoline prices were 40 cents a gallon lower than 2022
U.S. retail gasoline prices in 2023 averaged $0.43 per gallon (gal) less than in 2022, according to data from our Gasoline and Diesel Fuel Update. This decline was due, in part, to lower crude oil prices in 2023 compared with 2022 and higher gasoline inventories in the second half of 2023. Compared...
Brent crude oil prices averaged $19 per barrel less in 2023 than 2022
The price of Brent crude oil averaged $83 per barrel (b) in 2023, down from $101/b in 2022, a difference of $19/b after rounding. Global markets adjusted to new trade dynamics, with crude oil from Russia finding destinations outside the EU, and global crude oil demand fell short of expectations...
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California leads the United States in electric vehicles and charging locations
California has led the United States in the number of electric vehicles (EVs) and EV charging locations every year since 2016, accounting for 37% of U.S. registered light-duty EVs and 27% of EV charging locations at the end of the year in 2022, according to new estimates in our State Energy Data...
Japanese refineries close as the country’s petroleum consumption falls
In our Short-Term Energy Outlook, we forecast the lowest annual petroleum consumption in Japan in 2024 since at least 1980, in part due to its aging and declining population. Japan’s reduced consumption is already affecting its refining industry. Read More...
New pipelines will bring significant volumes of natural gas to new LNG export terminals
More than 20.0 billion cubic feet per day (Bcf/d) of natural gas pipeline capacity is under construction, partly completed, or approved to deliver natural gas to five U.S. liquefied natural gas (LNG) export terminals that are currently under construction, according to our Natural Gas Pipeline...
New Renewable Fuel Standard volume targets facilitate renewable natural gas production
On June 21, 2023, the U.S. Environmental Protection Agency (EPA) announced a final rule that established biofuel volume requirements and standards for cellulosic biofuel for 2023–25 as part of the Renewable Fuel Standard (RFS) program. The cellulosic biofuel category primarily applies to Renewable...
The United States begins the winter with the most natural gas in storage since 2020
Working natural gas in storage in the Lower 48 United States ended the natural gas injection season at 3,776 billion cubic feet (Bcf), according to estimates based on data from our Weekly Natural Gas Storage Report released on November 16. The Lower 48 states will enter the winter heating season...
Associated natural gas production has tripled since 2018 in top three Permian oil plays
Production of associated-dissolved natural gas, or associated natural gas, which is natural gas produced from predominantly oil wells, has nearly tripled since 2018 in the three top-producing tight oil plays in the Permian region. Associated natural gas from the Wolfcamp, Spraberry, and Bone Spring...
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