RSS feed source: US Energy Information Administration

In-brief analysis

August 6, 2025

Data source: CME Group, Bloomberg L.P.
Note: Refinery margin is calculated as the 3-2-1 crack spread on the U.S. Atlantic Coast, which represents the price of two barrels of gasoline and one barrel of distillate fuel oil minus three barrels of Brent crude oil. 2Q25=second quarter of 2025

Energy prices—along with other globally traded commodities, equities, and currencies—were more volatile in the second quarter of 2025 (2Q25) amid significant uncertainty from concerns over economic growth as well as geopolitical tensions in the Middle East. The geopolitical uncertainty has affected crude oil prices and refinery margins, and shifting government policies have affected biofuel compliance credit prices.

Crude oil prices
After adjusting for inflation, the Brent crude oil price decreased from nearly $75 per barrel (b) at the beginning of April to $64/b in

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RSS feed source: US Energy Information Administration

In-brief analysis

August 5, 2025

Data source: U.S. Energy Information Administration, Form EIA-930, Hourly and Daily Balancing Authority Operations Report

Electricity demand in the Lower 48 states exceeded previous peaks on two days in the last week of July.

Hot weather, which increases electricity demand for cooling, combined with an underlying trend of demand increases, pushed coincident peak demand for the Lower 48 states to a high of 758,053 megawatts (MW) on July 28 between 6:00 p.m. and 7:00 p.m. eastern time, according to the preliminary data in our Hourly Electric Grid Monitor. The next day, peak demand set another record, reaching 759,180 MW, 1.9% more than the record set on July 15, 2024 of 745,020 MW.

We forecast U.S. electricity demand fulfilled by the electric power sector will grow at an annual rate of

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RSS feed source: US Energy Information Administration

In-brief analysis

August 4, 2025

In our recently published Annual Energy Outlook 2025 (AEO2025), we introduced our new Hydrogen Market Module (HMM), which allows us to model the market for hydrogen in the coming decades.

In most AEO2025 cases, we project hydrogen production will increase by around 80% in 2050 compared with 2024 and most hydrogen (H2) will be produced from natural gas in a process known as steam methane reforming (SMR). In most cases, we project less than 1% of hydrogen will be produced via electrolyzers, which use electricity to produce hydrogen from water, regardless of supportive policies.

In most of the cases we ran, we considered laws and regulations in place as of December 2024, which meant including tax credits implemented under the 2022 Inflation Reduction Act (IRA), such as the Section 45V Clean Hydrogen

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