Benchmark Brent crude oil futures prices averaged $80 per barrel (b) in 2024, $2/b less than in 2023. Intraday prices stayed within a $24/b range, between $68/b and $93/b (after rounding), which was the narrowest trading range since 2019. Adjusting the trading range for inflation, last year was the narrowest since ...
Crude oil production in the U.S. Lower 48 (L48) states, which excludes Alaska and offshore production, reached a record 11.3 million barrels per day (b/d) in November 2024, according to our estimate in the latest Short-Term Energy Outlook (STEO) published on December 10. Crude oil production in the L48 states ...
Electricity routinely flows among the Lower 48 states, with almost 10% of U.S. electricity generation traded across state lines. Generation of electricity exceeds its consumption in 25 states, and excess electricity is transmitted across state lines. In 2023, utilities in Virginia brought in the most electricity from ...
India has emerged as the leading source of growth in global oil consumption in 2024 and 2025, overtaking China this year, according to our December Short-Term Energy Outlook (STEO). China's oil consumption grew by more than India's in almost every year from 1998 through 2023, with China's oil consumption regularly ...
The U.S. Environmental Protection Agency's (EPA) Gasoline Sulfur program sets limits on the sulfur content of gasoline sold in the United States, with the aim of reducing a variety of vehicle emissions. The program relies on tradable credits that allow U.S. refiners and gasoline importers to reach compliance with ...
The 2024 Atlantic hurricane season, which ran from June 1 through November 30, exhibited above-average activity with more named storms and hurricanes than usual, including several that disrupted U.S. energy infrastructure, primarily on the Gulf Coast and in the Southeast. Energy impacts from hurricanes this season ...
Electricity consumption in the U.S. Lower 48 states is highly seasonal; the demand for electricity peaks in the summer and the winter in response to more extreme temperatures and decreases in the spring and fall, in the so-called shoulder seasons, when weather is generally milder. Electric utilities and owners of ...
On October 14, California Governor Gavin Newsom signed bill Abx2-1 into law, empowering California regulators to set and adjust minimum petroleum product inventory levels for refiners in the state, in part to address the state's fuel price volatility. Shortly after, refiner Phillips 66 announced plans to close its ...
Crude oil and natural gas production in Argentina are both nearing record highs, driven by increasing output from the Vaca Muerta shale formation, which is offsetting declining output from conventional oil and natural gas fields. From January 2021 through September 2024, crude oil production in Argentina increased by ...
The U.S. benchmark Henry Hub daily natural gas price fell to $1.21 per million British thermal units (MMBtu) on November 8 and November 11, 2024, an all–time low in inflation–adjusted dollars. Four of the record–low daily prices when adjusting for inflation occurred in November 2024, and the remaining six occurred in ...
Second-quarter 2024 financial results for 34 publicly traded U.S. oil exploration and production (E&P) companies suggest increasing well productivity is helping these companies reduce production costs on a per barrel basis and freeing up cash for other uses such as dividends and share repurchases.
Five states produced more than 70% of the record 113.1 billion cubic feet per day (Bcf/d) of U.S. marketed natural gas production in 2023. Texas accounted for 28% of U.S. marketed natural gas production in 2023, according to our Natural Gas Monthly, followed by Pennsylvania (18%), Louisiana (10%), West Virginia (8%), ...