EIA’s January Short-Term Energy Outlook forecasts that world benchmark Brent crude oil will average $61 per barrel (b) in 2019 and $65/b in 2020, an increase from the end of 2018, but overall it will remain lower than the 2018…
Month: January 2019 (page 2)
Changes in marine fuel sulfur limits will put temporary upward pressure on diesel margins
The January 2019 Short-Term Energy Outlook (STEO), released at noon today, for the first time includes analysis of the effect that upcoming changes to marine fuel sulfur specifications will have on crude oil and petroleum product markets. Beginning January 1,…
Natural gas-burning power plant operations vary during periods of cold weather
Power generation in New England and New York is largely dependent on natural gas, which accounts for more than half of the region’s electricity generating capacity. About 58% of New England’s natural gas capacity has dual-fuel capability, meaning it can…
Iraq’s oil production has nearly doubled over the past decade
Crude oil production in Iraq averaged 4.5 million barrels per day (b/d) through August 2018, up from 4.4 million b/d in 2017. Iraq’s crude oil production has been steadily increasing since declines in the late 1990s and early 2000s, and…
New electric generating capacity in 2019 will come from renewables and natural gas
According to EIA’s latest inventory of electric generators, 23.7 gigawatts (GW) of new capacity additions and 8.3 GW of capacity retirements are expected for the U.S. electric power sector in 2019. The utility-scale capacity additions consist primarily of wind (46%),…
The Middle East, Africa, and Asia now drive nearly all global energy consumption growth
Energy consumption in Asia, the Middle East, and Africa continues to grow rapidly, with about 20% growth in each region between 2010 and 2016, according to newly available data in EIA’s International Energy Statistics database. In particular, energy consumption has…
Wholesale power prices were generally higher in 2018, with both winter and summer spikes
Wholesale electricity prices during 2018 at major trading hubs in the United States were generally higher than in 2017. Wholesale prices in 2018 ranged from 14% higher than in 2017 in the area served by the Midwest Independent System Operator…
Natural gas prices, production, consumption, and exports increased in 2018
In 2018, the average annual Henry Hub natural gas spot price increased to $3.16 per million British thermal units (MMBtu), up 15 cents from the 2017 average. Prices increased gradually through much of the year, with significant price increases during…
U.S. average retail gasoline prices ended the year lower than they started
U.S. regular retail gasoline prices averaged $2.72 per gallon (gal) in 2018, 30 cents/gal (13%) higher than in 2017 and 57 cents/gal higher than in 2016. However, a rapid price decline beginning in October led to U.S. average regular gasoline…
Crude oil prices end the year lower than they began the year
Brent crude oil averaged $72 per barrel (b) in 2018, and West Texas Intermediate (WTI) averaged $65/b in 2018. The prices for both crude oils finished the year lower than they began it. Brent and WTI each hit their highest…
