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December natural gas price in Southern California was the lowest since 2015

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Natural gas prices at SoCal Citygate, the major price hub in Southern California, averaged $3.61 per million British thermal units (MMBtu) in December 2023—the lowest December price since 2015 when adjusted for inflation—according to data from Natural Gas Intelligence. The main drivers for the low price this past ...

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EIA increases oil price forecast following OPEC+ production cut extension

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We increased our forecast prices for crude oil and petroleum products for the remainder of 2024 in our March Short-Term Energy Outlook (STEO) following the announcement that OPEC+ will extend the existing voluntary production cuts through the second quarter of 2024. We now forecast significantly less global oil ...

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M&A activity in 2023 furthers consolidation of U.S. crude oil and natural gas firms

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In 2023, crude oil and natural gas exploration and production (E&P) companies increased spending on mergers and acquisitions (M&A) to $234 billion, the most in real 2023 dollars since 2012. Recent dealmaking marks a return to the previous trend of consolidation among oil companies in the United States after ...

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Natural gas intrastate pipeline capacity additions outpaced interstate additions in 2023

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In 2023, 5.2 billion cubic feet per day (Bcf/d) of natural gas intrastate pipeline capacity was added in the United States, according to our recently updated Natural Gas Pipeline Projects Tracker. Intrastate pipelines are within a single state (that is, they do not cross state lines) and are regulated by state ...

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M&A activity in 2023 furthers consolidation of U.S. crude oil and natural gas firms

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In 2023, crude oil and natural gas exploration and production (E&P) companies increased spending on mergers and acquisitions (M&A) to $234 billion, the most in real 2023 dollars since 2012. Recent dealmaking marks a return to the previous trend of consolidation among oil companies in the United States after ...

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Four countries could account for most near-term petroleum liquids supply growth

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In 2023, the world produced an estimated 101.8 million barrels per day (b/d) of petroleum and other liquids: mostly crude oil but also lease condensate, natural gas liquids, biofuels, and other liquids from hydrocarbon sources. We expect the global petroleum and other liquids supply to increase by about 0.4 million ...

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U.S. crude oil exports reached a record in 2023

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U.S. crude oil exports established a record in 2023, averaging 4.1 million barrels per day (b/d), 13% (482,000 b/d) more than the previous annual record set in 2022. Except for 2021, U.S. crude oil exports have increased every year since 2015, when the U.S. ban on most crude oil exports was lifted.

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Winter storms have disrupted U.S. natural gas production

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Over the last four winters, winter storms Uri (February 2021), Elliott (December 2022), and most recently, Heather (January 2024) interrupted weekly U.S. natural gas production by more than 15 billion cubic feet per day (Bcf/d), according to daily estimates from S&P Global Commodity Insights. These declines were ...

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U.S. propane exports established a new record in December 2023

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U.S. propane exports averaged a record 1.9 million barrels per day (b/d) in December 2023, the highest since we began collecting this data in 1973 in our Monthly Energy Review. Increased exports resulted from the highest propane price spread between the U.S. Gulf Coast and East Asia in a decade due to petrochemical ...

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Reduced refinery activity puts upward pressure on gasoline and diesel prices

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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 time of year, decreasing ...

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