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. More »

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. More »

In the past 20 years, natural gas has displaced most coal-fired generation in Pennsylvania

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. More »

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. More »

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. More »

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. More »

Increasing renewables likely to reduce coal and natural gas generation over next two years

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. More »

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. More »

U.S. commercial buildings consumed more fuel for space heating than anything else in 2018

In 2018, nearly one-third (32%) of the energy consumed by commercial buildings in the United States was used for space heating, the largest end-use category tracked in our latest Commercial Buildings Energy Consumption Survey (CBECS). More »

EIA expects U.S. gasoline and diesel retail prices to decline in 2023 and 2024

We forecast retail gasoline and diesel prices will decline in 2023 and 2024, according to our latest Short-Term Energy Outlook (STEO), after reaching multiyear highs in the first half of 2022. We forecast that retail prices for regular-grade gasoline will average $3.32 per gallon (gal) in 2023 and continue to decrease to average $3.09/gal in 2024, down from $3.96/gal in 2022. We expect on-highway diesel prices to decrease to average $4.23/gal in 2023 before decreasing further to $3.70/gal in 2024. These forecast price decreases are based on our expectation of lower demand growth for diesel and motor gasoline with continued high production of those products. More »

Crude oil prices forecast to decline beginning in the second half of 2023

In our January 2023 Short-Term Energy Outlook, we forecast the Brent crude oil price (the benchmark price in Europe) will rise from an average $81 per barrel (b) in December 2022 to average $83/b in the first quarter of 2023 (1Q23). We expect this forecast increase to follow the upcoming EU ban on seaborne imports of petroleum products from Russia, effective February 5. This ban will likely be more disruptive to the global petroleum markets than the EU's December 2022 ban on seaborne crude oil imports from Russia (STEO Between the Lines includes more in-depth discussion). We forecast the Brent price will stay relatively flat through 2Q23, averaging $85/b, and then decline through the end of 2024. We expect the Brent price will average $83/b in 2023 and $78/b in 2024, down from $101/b in 2022. The West Texas Intermediate (WTI) price (the U.S. benchmark price) is forecast to generally follow a similar path, averaging $77/b in 2023 and $72/b 2024. More »

Wholesale U.S. electricity prices were volatile in 2022

Average wholesale electricity prices at major trading hubs in the United States rose throughout much of 2022 and were, at times, volatile as a result of extreme weather events. The limited availability of coal to substitute for higher-priced natural gas also contributed to higher electricity prices. More »

Average 2022 wholesale U.S. natural gas cost more than any time since 2008

In 2022, the wholesale U.S. natural gas spot price at the national benchmark Henry Hub in Louisiana averaged $6.45 per million British thermal units (MMBtu), the highest annual average—in both real and nominal terms—since 2008, based on data from Refinitiv Eikon. The 2022 average Henry Hub real natural gas spot price increased over 53% from 2021, the fourth-largest, year-over-year increase in natural gas prices on record, behind only 2000, 2003, and 2021. On a daily basis, the Henry Hub spot natural gas price ranged from $3.46/MMBtu to $9.85/MMBtu, reflecting significant day-to-day price changes. More »

U.S. retail gasoline prices rose in summer but ended 2022 lower than start of 2022

Rising crude oil prices and increased gasoline demand early in 2022 contributed to rising U.S. retail gasoline prices in the summer, but gasoline prices ended 2022 lower than at the start of the year because of more refinery production and less demand during the second half of the year. More »

Crude oil prices increased in first-half 2022 and declined in second-half 2022

In the final trading day of 2022, the spot price of Brent crude oil, a global benchmark priced in Northwest Europe, closed at $85 per barrel (b), $7 higher than the price on January 3, 2022 ($78/b). The Brent price rose significantly in the first half of 2022 but generally declined in the second half of the year. The spot price for West Texas Intermediate (WTI), a benchmark price for U.S. crude oil, followed a similar pattern, finishing the 2022 trading year $4/b higher than on January 3. The Brent crude oil spot price averaged $100/b in 2022, and the WTI spot price averaged $95/b. More »

Energy commodity prices in 2022 showed effects of Russia's full-scale invasion of Ukraine

After increasing 68% from January through June, the energy component of the S&P Goldman Sachs Commodity Index (GSCI) ended the year 10% higher than the first trading day of 2022. Global events—notably Russia's full-scale invasion of Ukraine, which has been ongoing since last February—have contributed to greater volatility in the energy sub-index and higher prices for some energy commodities at the end of 2022. More »