US Energy Information Administration news
EIA: LNG sale and purchase agreements signed in 2023 support US LNG projects
Developers advanced three LNG projects to the construction phase in 2023, following the signing of sale and purchase agreements (SPA) underpinning the projects.
UAE invests to meet 2027 crude oil production capacity goal
The EIA reports that the UAE has invested heavily in increasing hydrocarbon production capacity.
Rise in relatively denser crude oil production drives US growth
The EIA reports that in 2023, most of the crude oil produced in Texas was relatively dense for the state.
EIA expects average US gasoline and diesel prices to decrease in 2024 and 2025
The US Energy Information Administration (EIA) expects average US retail gasoline prices to decrease in 2024 because of increased inventories related to increased refinery capacity.
EIA expects relatively flat crude oil prices in 2024 and 2025
The EIA forecasts average annual crude oil prices in 2024 and 2025 will remain near their 2023 average, with global supply and demand for petroleum liquids expected to be relatively balanced over the next two years.
US Henry Hub natural gas prices in 2023 were the lowest since mid-2020
The EIA reports that the US benchmark Henry Hub natural gas price averaged US$2.57 per million Btu in 2023, about a 62% drop from the 2022 average annual price.
2023 US annual average retail gasoline prices lower than 2022
The EIA reports that US retail gasoline prices in 2023 averaged US$0.43 per gal. less than in 2022.
Brent crude oil prices averaged US$19/bbl less in 2023 than 2022
The EIA reports that the price of Brent crude oil averaged US$83/bbl in 2023, down from US$101/bbl in 2022.
Low diesel inventories and high cracks spreads should attract global diesel to Europe
As Europe heads into its first winter after banning petroleum product imports from Russia, diesel imports from alternative trade partners look likely, reports the EIA.
Falling petroleum consumption prompts Japanese refinery closures
Japanese refiner, ENEOS, permanently closed a 120 000 bpd refinery in western Japan in mid-October, and Idemitsu Kosan plans to close a 120 000 bpd refinery in March 2024.