Mixed water supply condition across western states affects 2023 hydropower outlook

Record-breaking rain and snow in parts of the western United States contribute to our forecast 72% rise in hydropower generation in California this year compared with last year, according to our latest Short-Term Energy Outlook (STEO). However, below-normal precipitation and a mixed water supply outlook in the Pacific Northwest, which generates a significant portion of the country's hydropower, offset the forecast increase in hydropower generation in California. More »

What is OPEC+ and how is it different from OPEC?

The Organization of the Petroleum Exporting Countries, also known as OPEC, was formed in 1960 by Iraq, Iran, Kuwait, Saudi Arabia, and Venezuela. The organization has since expanded to 13 members. OPEC regularly meets to set oil production targets and coordinate output to help manage global oil prices for the entire group. More »

Europe ended winter 2022–23 with the most natural gas in storage on record

As of April 1, natural gas storage inventories were 56% full—the highest percentage on record for the end of a heating season (November 1 through March 31)—according to data from Gas Infrastructure Europe’s Aggregated Gas Storage Inventory (AGSI+). On April 1, natural gas storage in Europe totaled 2.02 trillion cubic feet (Tcf), exceeding the previous record of 1.98 Tcf at the end of winter 2019–20, and the five-year (2018–22) average of 1.21 Tcf. The winter of 2022–23 was Europe’s second-warmest winter on record and the warmest January, according to data from the National Oceanic and Atmospheric Administration (NOAA). More »

U.S. households in warmer states consume less site energy than households in colder states

U.S. households consumed an average of 76.7 million British thermal units (MMBtu) of site energy in 2020, according to our 2020 Residential Energy Consumption Survey (RECS) data. The average site energy a household uses is largely correlated with the average outdoor temperature; households in colder climates, where space heating equipment is used more intensely, tend to consume more site energy than households in warmer parts of the county. Of the 15 states with average annual temperatures above the national average (59.4°F), the average households in every state except Oklahoma used less energy than the national average. More »

Beaumont refinery expansion boosts Gulf Coast petroleum refining capacity

On March 16, ExxonMobil announced the beginning of operations at the expansion of its Beaumont refinery, adding 250,000 barrels per day (b/d) of capacity, according to the company’s announcement. The expansion makes the oil refinery one of the largest in the United States as measured by crude oil distillation capacity. According to ExxonMobil, the total capacity of the Beaumont facility is now 630,000 b/d. More »

A mild winter reduced withdrawals from natural gas storage in the U.S. South Central

During this past winter heating season (Nov 1–Mar 31), the amount of natural gas withdrawn from underground storage in the U.S. South Central storage region was among the least on record, at 239 billion cubic feet (Bcf), according to our Weekly Natural Gas Storage Report. Winter heating degree days in the region were 10% below the 10-year (2013–22) average, reducing the need to use natural gas inventories to meet heating demand. Regional natural gas consumption in the residential and commercial sectors was 12% below the five-winter average (from 2017–18 to 2021–22) this winter, according to data from S&P Global Commodity Insights. More »