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Average 2022 wholesale U.S. natural gas cost more than any time since 2008

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In 2022, the wholesale U.S. natural gas spot price at the national benchmark Henry Hub in Louisiana averaged $6.45 per million British thermal units (MMBtu), the highest annual average—in both real and nominal terms—since 2008, based on data from Refinitiv Eikon. The 2022 average Henry Hub real natural gas spot price ...

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U.S. retail gasoline prices rose in summer but ended 2022 lower than start of 2022

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Rising crude oil prices and increased gasoline demand early in 2022 contributed to rising U.S. retail gasoline prices in the summer, but gasoline prices ended 2022 lower than at the start of the year because of more refinery production and less demand during the second half of the year.

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Crude oil prices increased in first-half 2022 and declined in second-half 2022

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In the final trading day of 2022, the spot price of Brent crude oil, a global benchmark priced in Northwest Europe, closed at $85 per barrel (b), $7 higher than the price on January 3, 2022 ($78/b). The Brent price rose significantly in the first half of 2022 but generally declined in the second half of the year. The ...

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Rates to hire tankers for refined petroleum products reach multiyear highs during 2022

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Rates for petroleum product tankers that carry low-sulfur petroleum products, including refined petroleum products such as motor gasoline, diesel fuel, jet fuel, and naphtha, reached multiyear highs this summer. Rates for these tankers, known as clean tankers, remained elevated through November, driven largely by the ...

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Energy commodity prices in 2022 showed effects of Russia’s full-scale invasion of Ukraine

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After increasing 68% from January through June, the energy component of the S&P Goldman Sachs Commodity Index (GSCI) ended the year 10% higher than the first trading day of 2022. Global events—notably Russia's full-scale invasion of Ukraine, which has been ongoing since last February—have contributed to greater ...

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Global allowance prices for CO2 emissions increased by over 40% in 2021

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Average allowance prices for CO2 emissions increased by over 40% in four of the world's five largest carbon emissions trading systems between January 2021 and January 2022, according to data from the International Carbon Action Partnership.

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Natural gas consumption in the industrial sector has grown slowly in recent years

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In the industrial sector, natural gas consumption in the United States increased by 1.9% in 2021. In our November Short-Term Energy Outlook (STEO), we forecast that it will increase by 2.4% in 2022. We expect U.S. industrial consumption will reach record highs in 2022, which will reverse a multiyear downward trend ...

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U.S. dry natural gas production set monthly records in 2022; we forecast an annual record

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U.S. dry natural gas production has increased during 2022, averaging more than 100 billion cubic feet per day (Bcf/d) in October and November and exceeding pre-pandemic monthly production records from 2019. We forecast that U.S. production of dry natural gas will average about 100.0 Bcf/d from December through March, ...

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U.S. battery storage capacity will increase significantly by 2025

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Developers and power plant owners plan to significantly increase utility-scale battery storage capacity in the United States over the next three years, reaching 30.0 gigawatts (GW) by the end of 2025, based on our latest Preliminary Monthly Electric Generator Inventory.

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Coal was the largest source of electricity generation for 15 states in 2021

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In 15 U.S. states last year, coal was used to generate electricity more than any other energy source. Twenty years earlier, in 2001, coal was the largest source of electricity generation in 32 states. The United States has shifted away from coal-fired generation since it peaked in 2007 and toward natural gas and ...

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