U.S. crude oil inventories are approaching record-high levels

Recent declines in demand for petroleum products have contributed to record increases in U.S. commercial crude oil inventories. Transportation fuel demand has decreased as a result of reduced economic activity and stay-at-home orders aimed at slowing the spread of the 2019 novel coronavirus disease (COVID-19). Refiners have been able to reduce the amount of material they run through refineries (as measured by gross inputs, which includes crude oil, unfinished oils, and natural gas plant liquids) relatively quickly in response to falling demand, but crude oil production has not responded as quickly, leading to large crude oil inventory increases. More »

Natural gas markets remain regionalized compared with oil markets

Crude oil markets respond quickly and often dramatically to world events, but natural gas markets have tended to be driven by regional factors and have been less connected to the international market. More »

In 2019, U.S energy production exceeded consumption for the first time in 62 years

In 2019, for the first time since 1957, energy production exceeded energy consumption in the United States on an annual basis, according to the U.S. Energy Information Administration’s (EIA) Monthly Energy Review. The United States produced 101.0 quadrillion British thermal units (quads) of energy and consumed 100.2 quads last year. After both energy production and consumption hit record highs in 2018, U.S. energy production in 2019 grew 5.7%, and energy consumption decreased by 0.9%. More »

Low liquidity and limited available storage pushed WTI crude oil futures prices below zero

On Monday, April 20, 2020, West Texas Intermediate (WTI) crude oil front-month futures traded on the New York Mercantile Exchange (NYMEX) were priced in negative dollars per barrel (b) for the first time since trading began in 1983. At about 2:30 p.m. ET, WTI traded as low as -$40.32/b; prices remained below zero for part of the following trading day. More »

Withdrawals from natural gas storage this winter were lowest since 2015-16

Working natural gas in storage in the Lower 48 states as of March 31, 2020, totaled 2,008 billion cubic feet (Bcf), 19% more than the previous five-year (2015-19) average for the end of the heating season, according to EIA's Weekly Natural Gas Storage Report. The 2019-20 heating season, which ran from November 1, 2019, to March 31, 2020, ended with the most working natural gas in storage since the 2016-17 winter, with 1,718 Bcf in net withdrawals, the least in four winters. Continued growth in natural gas production and relatively mild winter temperatures accounted for relatively higher inventory levels. More »

COVID-19 mitigation efforts result in the lowest U.S. petroleum consumption in decades

U.S. consumption of petroleum products has fallen to its lowest level in decades because of measures that limit travel and because of the general economic slowdown induced by mitigation efforts for the coronavirus disease 2019 (COVID-19). The U.S. Energy Information Administration (EIA) estimates the decline in petroleum product demand by examining the changes in total product supplied, EIA’s proxy for consumption. As outlined in EIA’s Weekly Petroleum Status Report, published yesterday, total petroleum demand averaged 14.1 million barrels per day (b/d) in the week ending April 17, up slightly from 13.8 million b/d in the previous week—the lowest level in EIA’s weekly data series, which dates back to the early 1990s. The most recent value is 31% lower than the 2020 average from January through March 13, or before many of the travel restrictions began. More »

North Dakota flared 19% of its natural gas production in 2019

According to the North Dakota Oil & Gas Division's February 2020 Director's Cut & Monthly Production Report, gross natural gas production in North Dakota averaged 2.9 billion cubic feet per day (Bcf/d) in 2019, an 827% increase compared with the 2010 level of 0.3 Bcf/d. Increases in natural gas production came primarily from associated gas recovered from oil wells in the Bakken and Three Forks formations. In 2019, North Dakota flared 19% of its gross natural gas production, or 0.56 Bcf/d. More »

Wind and natural gas-fired generators led U.S. power sector capacity additions in 2019

According to the U.S. Energy Information Administration's (EIA) latest Monthly Electric Generator Inventory Report, the electric power sector installed nearly 23,000 megawatts (MW) of new generating capacity in 2019. This new capacity was primarily in onshore wind (9,100 MW), natural gas-fired (8,300 MW), and solar photovoltaic (PV) (5,300 MW) technologies. The South region accounted for nearly half of the total capacity additions in the United States last year. More »

U.S. total energy exports exceed imports in 2019 for the first time in 67 years

Energy exports from the United States reached an all-time high of 23.6 quadrillion British thermal units (quads) in 2019, marking the first time in 67 years that annual U.S. gross energy exports exceeded U.S. gross energy imports, according to the U.S. Energy Information Administration's (EIA) Monthly Energy Review. Gross U.S. energy imports were 22.8 quads in 2019, the lowest since 1995. Last year was the first year when the U.S. exported more energy than it imported since 1952, a year when the volume of energy imports and energy exports was much lower than it is today. More »

EIA's Weekly Petroleum Status Report provides crude oil and refined products balances

The U.S. Energy Information Administration's (EIA) Weekly Petroleum Status Report (WPSR) provides the most comprehensive weekly data available for U.S. crude oil and refined petroleum product balances. The WPSR includes detailed regional and national supply information each week on crude oil, as well as motor gasoline, distillate fuel oil, jet fuel, residual fuel, and propane (the major petroleum products used in the United States). Using the most recent WPSR data, the chart above compares current estimates of U.S. gasoline consumption during the COVID-19 pandemic to typical levels for this time of year. More »

EIA tracks retail prices for gasoline, diesel, and residential heating fuels weekly

The U.S. Energy Information Administration (EIA) produces two weekly reports that track the latest retail prices of select petroleum products: the Gasoline and Diesel Fuel Update (GDFU), which is published every Monday, and the Heating Oil and Propane Update (HOPU), which is published each Wednesday during the winter (October through March). Petroleum product price and consumption data published in these products illustrate market trends, such as the impact of recent crude oil price decline and reduced travel during the COVID-19 pandemic. More »

EIA's weekly natural gas products provide timely natural gas information

The U.S. Energy Information Administration (EIA) provides daily and weekly information on natural gas market activity and drivers in three weekly products: the Weekly Natural Gas Storage Report, the Natural Gas Storage Dashboard, and the Natural Gas Weekly Update. More »

EIA's Short-Term Energy Outlook is the source for EIA's latest analysis of energy markets

The Short-Term Energy Outlook (STEO) provides the U.S. Energy Information Administration's (EIA) near-term perspective on energy markets. Each month, the STEO provides forecasts through the end of the next calendar year for consumption, supply, trade, and prices across major fuel types. In addition, the STEO provides in-depth market analysis for crude oil, petroleum products, and natural gas markets. Although its emphasis is on U.S. energy markets, the STEO also includes forecasts for certain international liquid fuels markets. More »

EIA's Hourly Electric Grid Monitor provides timely data about electricity usage patterns

The U.S. Energy Information Administration's (EIA) Hourly Electric Grid Monitor provides up-to-the-hour information showing electricity demand across the U.S. electric grid. Large-scale events that affect normal routines, from expected occurrences such as major holidays to unexpected situations such as the current COVID-19 pandemic, can change the pattern of electricity usage in the country. More »