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U.S. inventories enter the winter with the most natural gas since 2016

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Working natural gas in storage in the Lower 48 states ended the natural gas injection season with 3,922 billion cubic feet (Bcf), according to estimates based on data from our Weekly Natural Gas Storage Report released on November 7. U.S. inventories are starting winter 2024–25 with the most natural gas since 2016. ...

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U.S. gasoline prices this Thanksgiving are at their lowest since 2020

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On the Monday before Thanksgiving, the retail price of regular gasoline averaged $3.04 per gallon (gal) across the United States, 7% less than the same time last year. Retail gasoline prices this Thanksgiving are at their lowest since 2020, when the COVID-19 pandemic disrupted gasoline demand.

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U.S. crude oil production established a new record in August 2024

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An average of 13.4 million barrels per day (b/d) of crude oil was produced in the United States during August 2024, a new record according to data from our Petroleum Supply Monthly. More crude oil was produced in the United States during August 2024 than during December 2023, when the previous monthly record of 13.3 ...

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Global natural gas market may experience a tighter supply-demand balance this winter

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The last two winters in the Northern Hemisphere were exceptionally mild, keeping global natural gas markets well supplied and balanced at relatively low prices. Prices going into this winter are only slightly higher than last year at the same time based on current forward natural gas and liquefied natural gas (LNG) ...

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What’s driving decreasing gasoline consumption in China?

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Gasoline consumption in China has begun to fall in recent months amidst increased sales of electric vehicles, slow economic growth, and population decline.

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Northwest U.S. and western Canadian natural gas prices trade at historic lows in 2024

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Monthly average natural gas spot prices at northwestern U.S. and western Canada border pricing hubs reached historic lows in 2024 through October, according to data from Natural Gas Intelligence. Robust natural gas production in western Canada, where output has generally increased over the last two years, and high ...

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Grid infrastructure investments drive increase in utility spending over last two decades

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Annual spending by major utilities to produce and deliver electricity increased 12% from $287 billion in 2003 to $320 billion in 2023 as measured in real 2023 dollars, according to financial reports to the Federal Energy Regulatory Commission (FERC). Capital investment in electric infrastructure mostly drove the ...

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U.S. propane inventories are well stocked heading into the winter heating season

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The United States is well stocked with propane heading into the winter heating season, which runs from November through March, with U.S. propane inventories at the top of the five-year range spanning the winter of 2019–20 to the winter of 2023–24.

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Most U.S. petroleum coke is exported

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Annual production of U.S. petroleum coke (petcoke) has remained relatively unchanged over the past 10 years (2014-23), averaging 46 million tons according to our analysis of U.S. Census Bureau data. Most U.S. petroleum coke is exported. The United States exported approximately 41 million tons in 2023, slightly more ...

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U.S. associated natural gas production increased nearly 8% in 2023

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U.S. production of associated-dissolved natural gas, or associated natural gas, increased 7.9% in 2023 compared with 2022, averaging 17.1 billion cubic feet per day (Bcf/d) last year, according to data from Enverus Drillinginfo. Associated natural gas production, which is natural gas produced by wells that ...

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U.S. electricity exports to Canada have increased since September 2023

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For the better part of two decades, Canada has exported significantly more electricity to the United States than it imported. However, in the fall of 2023, electricity trade between the two countries became more balanced. The shift was due partly to Canada's reduced hydropower generation, the country's primary source ...

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Drought conditions reduce hydropower generation, particularly in the Pacific Northwest

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In our latest Short-Term Energy Outlook (STEO), we forecast that electricity generation from U.S. hydropower plants in 2024 will be 13% less than the 10-year average, the least amount of electricity generated from hydropower since 2001. Extreme and exceptional drought conditions have been affecting different parts of ...

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