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U.S. refining capacity increased in 2023 with expansions at existing facilities

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U.S. refining capacity increased this year for the second time since the COVID-19 pandemic, according to our annual Refinery Capacity Report. U.S. operable atmospheric crude oil distillation capacity, the primary measure of refinery capacity, totaled 18.4 million barrels per calendar day (b/cd) at the start of 2024, a ...

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What is the natural gas futures market?

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The natural gas futures market is a marketplace where standardized contracts for the future delivery of set natural gas volumes are traded. Most natural gas futures are bought and sold in the New York Mercantile Exchange (NYMEX) and the Intercontinental Exchange (ICE). Futures contracts allow participants to manage ...

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Natural gas electricity generation in the United States spiked with July heatwave

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U.S. power plant operators generated 6.9 million megawatthours (MWh) of electricity from natural gas on a daily basis in the Lower 48 states on July 9, 2024, probably the most in history and certainly since at least January 1, 2019, when we began to collect hourly data about natural gas generation.

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Natural gas storage injections remain below five-year average so far this summer

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Injections into natural gas storage in the Lower 48 states since April 1 have totaled 950 billion cubic feet (Bcf), according to our July 18 Weekly Natural Gas Storage Report. So far this injection season (April 1–October 31), the amount of natural gas injected into storage (less withdrawals) is 15% (166 Bcf) less ...

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Less natural gas consumption in Europe is keeping storage full

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Consumption of natural gas in Europe consistently decreased since mid-2022, driven by a combination of mild winter weather and government policies aimed at reducing natural gas consumption. In 2023, natural gas consumption in the European Union's 27 member countries (EU-27) declined 18% from the previous five-year ...

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U.S. wholesale natural gas spot prices fell to record lows in first half 2024

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The average monthly wholesale spot natural gas price at the U.S. benchmark Henry Hub fell by 20% to $2.56 per million British thermal units (MMBtu) between January and June of this year, according to data from Refinitiv Eikon. In January, the Henry Hub price averaged $3.18/MMBtu, then dropped to $1.49/MMBtu in March, ...

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California residents are increasingly pairing battery storage with solar installations

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California residents are increasingly pairing battery storage with solar installations, according to the latest preliminary data in our Monthly Electric Power Industry Report.

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U.S. coal shipments declined 8% in 2023 as coal consumption fell sharply

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The amount of coal transported in the United States decreased 8% in 2023, continuing a trend in which coal shipments have generally decreased over the past two decades as coalï¿½s share of power generation has declined in the United States. The amount of coal transported to power plants, which are often located far ...

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U.S. production capacity for sustainable aviation fuel to grow

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Production capacity of sustainable aviation fuel (SAF) in the United States could increase from around 2,000 barrels per day (b/d) to nearly 30,000 b/d in 2024 if all announced capacity additions come on line. Developers expect Phillips 66's Rodeo Renewed project to produce up to about 10,000 b/d of SAF beginning this ...

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Cancellations reduce expected U.S. capacity of offshore wind facilities

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The amount of offshore wind generating capacity that is under construction or planned in the United States is in flux after two projects in New Jersey were canceled last year. Of the 7,200 megawatts (MW) of capacity reported in May in EIAï¿½s latest Preliminary Monthly Electric Generator Inventory, projects totaling ...

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