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In-brief analysis
Mar 28, 2024

What are the energy impacts from the Port of Baltimore closure?

annual share of U.S. coal exports from the Port of Baltimore
Data source: U.S. Census Bureau

The collapse of the Francis Scott Key Bridge into the Patapsco River on March 26 has temporarily halted all shipping traffic from the Port of Baltimore. In this article, we examine implications for energy-related trade.

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In-brief analysis
Mar 27, 2024

U.S. natural gas production grew by 4% in 2023, similar to 2022

monthly U.S. natural gas gross withdrawals by region

U.S. natural gas production grew by 4% in 2023, or 5.0 billion cubic feet per day (Bcf/d), to average 125.0 Bcf/d, according to our Natural Gas Monthly. The Natural Gas Monthly was recently updated with natural gas production data through December 2023. In 2023, three regions—Appalachia, Permian, and Haynesville—accounted for 59% of all natural gas production in the United States, similar to 2022, based on our Drilling Productivity Report (DPR). The DPR measures gross natural gas withdrawals in select onshore regions.

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In-brief analysis
Mar 26, 2024

Western U.S. hydropower generation fell to a 22-year low last year

western U.S. hydropower generation by water year
Data source: U.S. Energy Information Administration, Electricity Data Browser
Note: The water year runs from October 1 to September 30.

According to preliminary data from our Electricity Data Browser, the least hydropower was generated in the western United States during the 2022–23 water year (October 1 through September 30) since at least 2001. Western region hydropower generation dropped by 11% from the previous water year to 141.6 million megawatthours (MWh). Hydropower generation in the western United States can vary significantly from year to year because the amount of precipitation influences generation.

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In-brief analysis
Mar 25, 2024

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

December socal citygate average price
Data source: Natural Gas Intelligence
Note: Prices are adjusted for inflation based on the January 2024 Consumer Price Index. The Southern California (SoCal) Citygate is the major natural gas price hub in Southern California.

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 spot price since 2015 when adjusted for inflation—according to data from Natural Gas Intelligence. The main drivers for the low price this past December were:

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In-brief analysis
Mar 21, 2024

EIA increases oil price forecast following OPEC+ production cut extension

world liquid fuels production and consumption balance
Data source: U.S. Energy Information Administration, Short-Term Energy Outlook (STEO), March 2024

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 production than world oil consumption through the first half of 2024, requiring draws on world petroleum stocks (inventory). Stock draws tend to increase oil prices.

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In-brief analysis
Mar 20, 2024

Natural gas intrastate pipeline capacity additions outpaced interstate additions in 2023

annual U.S. natural gas pipeline capacity additions by type
Data source: U.S. Energy Information Administration, Natural Gas Pipeline Projects Tracker
Note: Interstate pipelines are pipelines that cross state and international borders and are regulated by the Federal Energy Regulatory Commission. Intrastate pipelines are pipelines within a state that do not cross state borders and are regulated by a state agency. Intrastate capacity additions also include projects associated with interstate pipelines that do not cross state borders.

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 agencies. Interstate pipelines cross state and international borders and are regulated by the Federal Energy Regulatory Commission (FERC).

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In-depth analysis
Mar 19, 2024

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

exploration and production companies' announced global spending on mergers and acquisitions

Data source: Evaluate Energy and U.S. Bureau of Labor Statistics (BLS)
Note: Excludes canceled deals and transactions between Saudi Aramco and the Saudi Public Investment Fund. Includes completed and in-progress deals. Real price is calculated using the Consumer Price Index from BLS.

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 transactions declined amid significant oil market volatility in 2020 and 2022.

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In-brief analysis
Mar 18, 2024

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

This TIE was updated on 3/18/24 to correct the units of measurement in the third chart.

annual U.S. crude oil exports
Data source: U.S. Energy Information Administration, Petroleum Supply Monthly and Petroleum Supply Annual

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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In-depth analysis
Mar 14, 2024

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

annual changes in petroleum and other liquids production

Data source: U.S. Energy Information Administration, Short-Term Energy Outlook (STEO), March 2024
Data values: Non-OPEC Petroleum and Other Liquids Production
Note: The OPEC and OPEC+ series reflect those countries participating in the OPEC+ agreement. OPEC members Iran, Libya, and Venezuela are exempt from the agreement and are included in the rest of non-OPEC+ series.

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 b/d in 2024 and 2.0 million b/d in 2025. This growth will be driven primarily by rising crude oil production from four countries in the Americas—the United States, Guyana, Canada, and Brazil—which would partially offset near-term voluntary production cuts in 2024 that we expect from countries participating in the OPEC+ agreement.

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In-depth analysis
Mar 13, 2024

Winter storms have disrupted U.S. natural gas production

weekly ranges of estimated U.S. dry natural gas production

Data source: S&P Global Commodity Insights

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 the largest interruptions to U.S. natural gas production during the past four years. Although the impacts of these disruptions appear more muted over the course of a month, winter storms Uri and Elliott still drove declines in monthly average natural gas production of 3 Bcf/d to 7 Bcf/d.

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In-brief analysis
Mar 12, 2024

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

U.S. monthly propane exports
Data source: U.S. Energy Information Administration, Petroleum Supply Monthly

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 and space heating demand.

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In-brief analysis
Mar 11, 2024

United States produces more crude oil than any country, ever

average annual crude oil and condensate production from top three global producers
Data source: U.S. Energy Information Administration, International Energy Statistics

The United States produced more crude oil than any nation at any time, according to our International Energy Statistics, for the past six years in a row. Crude oil production in the United States, including condensate, averaged 12.9 million barrels per day (b/d) in 2023, breaking the previous U.S. and global record of 12.3 million b/d, set in 2019. Average monthly U.S. crude oil production established a monthly record high in December 2023 at more than 13.3 million b/d.

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In-brief analysis
Mar 7, 2024

Washington State’s emissions allowance program held its first auctions in 2023

Washington CCA prices and allowances sold
Data source: Washington State Department of Ecology
Note: CCA=Climate Commitment Act

Washington State wrapped up its first full year of auctions for tradable emission allowances in December, as the state considers joining an integrated regional greenhouse gas reduction program with California and Québec.

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In-brief analysis
Mar 6, 2024

Reduced refinery activity puts upward pressure on gasoline and diesel prices

weekly U.S. operable refinery capacity utilization through Feb 23, 2024
Data source: U.S. Energy Information Administration, Weekly Petroleum Status Report

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 regional inventories for the major U.S. refining regions increased retail prices for both fuels last month, according to our Gasoline and Diesel Fuel Update.

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In-brief analysis
Mar 5, 2024

More productive wells spur U.S. crude oil production higher

Updated March 13, 2024 to correct units of measure in chart 2.

Monthly crude oil production, United States (Jan 1920â€&Dec 2025)
Data source: U.S. Energy Information Administration, Short-Term Energy Outlook, February 2024

U.S. crude oil production averaged 13.3 million barrels per day (b/d) in December 2023, following sustained productivity increases at new wells, according to our latest Petroleum Supply Monthly (PSM). U.S. crude oil production has increased to record highs since 2010 and has risen even more quickly in recent months. These record highs have come despite declining U.S. drilling activity because the new wells are more efficient.

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