RSS feed source: US Energy Information Administration

In-brief analysis

February 29, 2024 Data source: CEDIGAZ and the International Group of Liquefied Natural Gas Importers (GIIGNL)
Note: Other includes Angola, Argentina, Australia, Cameroon, Egypt, Equatorial Guinea, Indonesia, Libya, Mozambique, Norway, Oman, Papua New Guinea, Peru, Trinidad and Tobago, United Arab Emirates, and Yemen. LNG=liquefied natural gas

The United States was again the largest supplier of liquefied natural gas (LNG) to Europe (EU-27 and the UK) in 2023, accounting for nearly half of total LNG imports, according to data from CEDIGAZ. Last year marks the third consecutive year in which the United States supplied more LNG to Europe than any other country: 27%, or 2.4 billion cubic feet per day (Bcf/d), of total European LNG imports in 2021; 44% (6.5 Bcf/d) in 2022; and 48% (7.1 Bcf/d) in 2023.

Qatar and Russia remained the second- and third-largest

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RSS feed source: US Energy Information Administration

In-brief analysis

February 28, 2024

Data source: Refinitiv Eikon
Note: Prices are adjusted for inflation based on the January 2024 Consumer Price Index.

The U.S. benchmark Henry Hub daily natural gas price averaged $1.50 per million British thermal units (MMBtu) on February 20, 2024, the lowest price in inflation-adjusted dollars since at least 1997, according to data from Refinitiv Eikon. High natural gas production, low natural gas consumption, and higher natural gas inventories than the previous five-year (2018–22) average contributed to prices declining for much of 2023 and the first two months of 2024.

U.S. dry natural gas production generally rose throughout 2023, averaging a record high of 105.7 billion cubic feet per day (Bcf/d) in December 2023, according to data from S&P Global Commodity Insights. Following a temporary decline in production in mid-January due to winter storm

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RSS feed source: US Energy Information Administration

In-depth analysis

February 27, 2024

Data source: Oil Price Information Service and U.S. Bureau of Labor Statistics, Consumer Price Index
Note: RIN=renewable identification number. Real dollars are adjusted for inflation.

The price of compliance credits for biomass-based diesel and ethanol has decreased about 45% since the start of the year, when prices were already the lowest in about three years. The decline in the price of credits, known as renewable identification numbers (RINs), is due primarily to lower costs for agricultural feedstocks relative to petroleum fuels, and we expect prices to remain subdued due to record-high credit generation from the production of renewable diesel.

What are RINs?

RINs are credits used to comply with the Renewable Fuel Standard (RFS) program. Under the RFS, the U.S. Environmental Protection Agency (EPA) sets annual renewable volume obligations (RVOs) for

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RSS feed source: US Energy Information Administration

In-brief analysis

February 26, 2024

Data source: S&P Global Market Intelligence

After a volatile 2022, average wholesale electricity prices at most major trading hubs in the Lower 48 states generally declined and traded within more narrow price ranges in 2023, according to data from S&P Global Market Intelligence. Prices decreased primarily because of lower natural gas prices, mild temperatures at the start of the year, reduced average electricity loads in many regional markets, and improved hydroelectric conditions in California and the Southwest.

Monthly average prices at most U.S. trading hubs were generally lower. Prices at the Independent System Operator New England (ISO-NE), the PJM Interconnection (PJM), and the Midcontinent Independent System Operator (MISO) were lower during every month in 2023 compared with 2022. By contrast, the Northwest Mid-Columbia hub saw higher prices in seven months, mostly due

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