Domestic renewable diesel capacity could more than double through 2025
As of January 1, 2023, we are now publishing four new Today in Energy articles each week, from Monday through Thursday.
Reposted on February 2 to correct the location of the Montana Renewables’ Plant.
U.S. production capacity for renewable diesel could more than double from current levels by the end of 2025, based on several announcements for projects that are either under construction or could start development soon.
Tags: production/supply, renewables, diesel, biofuels, capacity
U.S. proved reserves of crude oil increased significantly in 2021
In 2021, U.S. proved reserves of crude oil and lease condensate increased 16% from 2020, totaling 44.4 billion barrels, according to our recently released Proved Reserves of Crude Oil and Natural Gas in the United States, Year-End 2021 report. Proved reserves decreased 19% in 2020 because of pandemic-related constraints on crude oil demand and production. In 2021, however, demand for petroleum and natural gas returned, prices rose, and proved reserves increased.
Tags: reserves, natural gas, crude oil, oil/petroleum
U.S. natural gas consumption reached record daily high in late December 2022
On December 23, 2022, natural gas consumption in the U.S. Lower 48 states reached a daily record high of 141.0 billion cubic feet (Bcf), according to estimates from S&P Global Commodity Insights. The previous record was 137.4 Bcf, set on January 1, 2018. Below-normal temperatures in mid- to late December increased demand for natural gas used for residential and commercial space heating and electric power generation. At the same time, natural gas production quickly fell because of mechanical issues caused by the cold temperatures.
Tags: consumption/demand, coal, natural gas, weather, wind, oil/petroleum
Proved reserves of natural gas increased 32% in the United States during 2021
Proved reserves of natural gas in the United States grew to a new record of 625.4 trillion cubic feet (Tcf) in 2021, a 32% increase from 2020, according to our recently released Proved Reserves of Crude Oil and Natural Gas in the United States, Year-End 2021 report. U.S. proved reserves had previously decreased 4% in 2020 as a response to prices that fell with decreased consumption during the first year of the COVID-19 pandemic. At year-end 2021, however, five of the eight states with the most proved reserves of natural gas each reported new record volumes, driving the growth nationally.
Tags: reserves, natural gas, Texas, West Virginia, Louisiana, states, Alaska, New Mexico, map
In the past 20 years, natural gas has displaced most coal-fired generation in Pennsylvania
As of January 1, 2023, we are now publishing four new Today in Energy articles each week, from Monday through Thursday.
Natural gas-fired power plants generated 2% of the electricity produced in Pennsylvania in 2001. Over the next 20 years, natural gas-fired generation in the state increased rapidly, reaching 52% in 2021. Natural gas displaced most coal-fired generation, which fell from 57% of the electricity generated in Pennsylvania in 2001 to 12% in 2021.
Tags: generation, coal, electricity, natural gas, Pennsylvania, states
U.S. crude oil production will increase to new records in 2023 and 2024
In our January 2023 Short-Term Energy Outlook, we forecast that crude oil production in the United States will average 12.4 million barrels per day (b/d) in 2023 and 12.8 million b/d in 2024, surpassing the previous record of 12.3 million b/d set in 2019. In 2022, U.S. crude oil production averaged an estimated 11.9 million b/d. Increased production in the Permian region and, to a lesser extent, in the Federal Offshore Gulf of Mexico (GOM) drives our forecast growth in production. We base our forecast on our expectations of crude oil prices and infrastructure capacity additions.
Daily natural gas spot prices in western United States exceed $50.00/MMBtu in December
On December 21, 2022, daily natural gas spot prices at three major trading hubs in the western United States (Pacific Gas & Electric [PG&E] Citygate, Northwest Sumas on the Canada-Washington border, and Malin, Oregon) were higher than $50.00 per million British thermal units (MMBtu). These hub prices were higher than in any other market and averaged $48.12/MMBtu above the Henry Hub benchmark, which was $6.14/MMBtu on December 21. PG&E Citygate in Northern California and Malin, Oregon, the northern delivery point into the PG&E service territory, reported the highest natural gas spot prices since December 2000—in both real and nominal terms—according to pricing data from Natural Gas Intelligence. The price at Southern California (SoCal) Citygate was highest on December 13 at $49.67/MMBtu.
Tags: natural gas, spot prices, Oregon, Northwest, Washington, California, states, West Coast, map
Nuclear power plants generated 68% of France’s electricity in 2021
France has one of the largest nuclear power programs in the world. Nuclear power plants in France generated 361 billion kilowatthours of electricity in 2021, accounting for 68% of the country’s annual electricity generation, the highest nuclear generation share in the world.
Tags: generation, electricity, nuclear, power plants
Increasing renewables likely to reduce coal and natural gas generation over next two years
As of January 1, 2023, we are now publishing four new Today in Energy articles each week, from Monday through Thursday.
In our latest Short-Term Energy Outlook, we expect that increased U.S. power generation from new renewables capacity—mostly wind and solar—will reduce generation from both coal-fired and natural gas-fired power plants in 2023 and 2024.
EIA forecasts lower wholesale U.S. natural gas prices in 2023 and 2024
In our January Short-Term Energy Outlook (STEO), we forecast the natural gas spot price at the U.S. benchmark Henry Hub will average $4.90 per million British thermal units (MMBtu) in 2023, more than $1.50/MMBtu lower than the 2022 average. We expect prices to stay nearly the same in 2024 as dry natural gas production continues to grow in the United States and outpaces domestic natural gas demand and exports for most of the year.