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Updated at: 2025/02/21 16:00

U.S. Energy Information Administration - EIA - Independent Statistics and Analysis

Data source: U.S. Energy Information Administration, U.S. Energy Information Administration, State Energy Data SystemCalifornia accounts for nearly all renewable diesel consumption in the United States, but most of it isn’t made in the state. Renewable diesel is a liquid biofuel that is chemically equivalent to petroleum diesel and can be used as an additive or substitute for diesel fuel in vehicles. Unlike biodiesel, renewable diesel can be transported in petroleum pipelines and sold at retail stations without blending with petroleum diesel. California’s renewable diesel consumption grew substantially after its Low Carbon Fuel Standard (LCFS) went into effect in 2011. We recently published new renewable diesel statistics in SEDS, including annual renewable diesel production and consumption estimates by state for 2011 through 2021.

Natural gas prices fall in first half of 2023 amid record production and mild temperatures

Relatively mild temperatures, record production, and higher-than-average inventories reduced natural gas prices. Relatively mild winter temperatures reduced demand for space heating across most of the United States in the first quarter of 2023, reducing natural gas consumption. Data source: U.S. Energy Information Administration, U.S. Energy Information Administration, Natural Gas MonthlyU.S. dry natural gas production has outpaced demand so far in 2023, contributing to lower natural gas prices. Dry natural gas production has remained at record highs in 2023, averaging over 101.0 Bcf/d each month. We expect dry natural gas production to average 102.6 Bcf/d (from July to December).

Refinery capacity increased slightly for the first time since the COVID-19 pandemic

Data source: U.S. Energy Information Administration, U.S. Energy Information Administration, Refinery Capacity ReportU.S. refining capacity increased slightly for the first time since the COVID-19 pandemic, as of January 1, 2023, reversing two years of decline, according to our annual Refinery Capacity Report. Operable atmospheric crude oil distillation capacity, our primary measure of refinery capacity in the United States, totaled 18.1 million barrels per calendar day (b/cd), a 1% increase from 2022. We publish two measures of U.S. refinery capacity: barrels per calendar day (b/cd) and barrels per stream day (b/sd). The 2023 Refinery Capacity Report does not reflect changes in U.S. refining capacity after January 1, 2023. This new estimated capacity is reflected in our monthly data as of our May Petroleum Supply Monthly, and we will include an exact measure in calendar-day capacity and stream-day capacity in next year’s Refinery Capacity Report.

Texas power grid met record-breaking demand for electricity during recent heat wave

An extreme heat wave in late June and July led to record-breaking demand for electricity in Texas as homes and businesses turned up their air-conditioning, fans, and other cooling equipment to cope with the heat. Previously, ERCOT’s record for hourly demand was 79,830 megawatthours (MWh) on July 20, 2022. Data source: U.S. Energy Information Administration,Note: Hydro's share of electricity generation is too small to graph. U.S. Energy Information Administration, Hourly Electric Grid Monitor Hydro's share of electricity generation is too small to graph. Adding to the pressure, ERCOT depends more on its own generation resources than other power grids.

Cooling commercial buildings is six times more energy-intensive in hot climates than cold

U.S. commercial buildings in hot or very hot climates, which are primarily in the southernmost parts of the country, were more than six times more energy-intensive for cooling (14.2 thousand British thermal units per square foot [MBtu/sf]) than buildings in cold or very cold climates (2.3 MBtu/sf), according to our latest Commercial Buildings Energy Consumption Survey (CBECS). In 2018, 52% of buildings in the hot or very hot climate zone reported cooling all of their floorspace. In contrast, only 25% of buildings in the cold or very cold climate zone reported cooling all of their floorspace. An additional 55,000 buildings (1% of buildings with cooling) used district chilled water systems for cooling. Packaged units were used by 66% of air-conditioned buildings in the hot or very hot climate zone and 48% of air-conditioned buildings in the cold or very cold climate zone.

Eni Beats Estimates Despite 49% Profit Decline

Eni’s (NYSE: E) adjusted net profit for the second quarter exceeded analyst estimates thanks to a very strong gas business despite the 49% earnings slump compared to last year’s second quarter. Eni reported on Friday an adjusted net profit of $2.13 billion (1.935 billion euros) for the second quarter, down by 49% on the year. The earnings nevertheless beat the analyst consensus estimate of $1.8 billion (1.64 billion euros). The pre-tax profit reflects resilient E&P earnings featuring growing production and another very strong contribution from the Global Gas & LNG Portfolio (GGP) division, Eni said. In the upstream division, Eni confirmed its 2023 full-year target of oil and gas production for 2023 in the range of 1.63-1.67 million boe/d in an oil price scenario of $80 per barrel.

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Updated at: 2025/02/21 16:00

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Market Reports

Updated at: 2025/02/21 16:35

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Weekly General report: Political Tensions VS Bitumen Price Variations in September

In the past week, significant withdrawals from American oil reserves, coupled with the negative impact of a Gulf of Mexico storm, led to rising oil prices. Bitumen Prices in the Global MarketBitumen prices in various regions fluctuated. Bahrain’s bitumen price stayed at $440, while European bitumen prices ranged from $500 to $580. In India, bitumen prices increased by approximately $14 on September 1, marking an overall rise of $63 in the past 40 days. Despite being lower than global competitors, Iran bitumen prices face pressure from buyers, particularly from India, to decrease further.

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Weekly Bitumen Report: Empowerment of Price Increasing Factors

India is the third biggest importer and consumer of crude oil in the world with an import rate of over 80%. Bulk bitumen prices of Singapore and South Korea were traded at 470 and 425 USD, respectively. Bahrain bitumen price is still fixed at the level 440 USD, and in Europe, bitumen price subsided in the range of 500-580 USD. Bitumen price in India increased around 14 USD for 1 September, and an overall increase of 63 USD was observed within the last 40 days. Although Iran bitumen prices are lower than the global competitors, the pressures from buyers’ side, especially Indian ones, have raised to reduce the prices.

News

Weekly Bitumen Report: Market Anticipating Oil Price Direction

By deepening the real estate crisis in China, one of the largest real estate companies, “Evergrand,” based in China, has declared bankruptcy in the United States. Singapore bitumen price also remained unchanged at approximately $460. South Korea bitumen price experienced a $5 decrease, settling at $415. The price of Bahrain bitumen remained unchanged at $440, while European bitumen prices slightly decreased, ranging from $520 to $580. In Iran, on August 23rd, the base price of vacuum bottom bitumen increased 4.5% to bring about a clearer market direction.

News

Weekly Oil Report: Uncertainty Suppressing Bullish Sentiment

Selling power took over and oil price came down by about 2% during the week. It was not a surprise to see oil losing gains as we mentioned in the last episode. Expectations for the coming raise of US interest rates are weighing down on crude prices. Tanker Tankers stated that Iran has surpassed Saudi Arabia in crude oil exports to China. India raised bitumen prices by 24.5 USD on August 15, making the country’s total price increase of 50 USD in one month.

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Weekly Oil Report: Headwinds Coming Towards Crude

On August 25, Brent oil closed at $84.07 and WTI settled around $79.97. Watch crude technical analysis and comment your ideas:Brent gained about 2% on Friday following Powell’s Speech after a couple of bearish days. Inflation is still above where policymakers feel comfortable, however, the Central bank leader didn’t give any indication about the Fed’s next move. Last week, the BRICs invited Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the UAE to join the grouping of top emerging economies in January 2024. Location Price (USD) Singapore Bulk 450-455 South Korea Bulk 425-430 Bahrain Bulk 440-445 Spain Bulk 515-520

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Weekly Bitumen Report: Prices Are Stimulating for Beginning of the Season

StagnationIt is the onset of bitumen season in most regions since the rainy weather is going off and projects are starting again. Yet, the bitumen markets in the Middle East are not as lively as last year at the same time. The situation in oil, exchange rates, supply and demand is very unclear for them and they can’t see any certainties. In the Middle East, it is causing problems for suppliers since they can’t fix the price. In the Middle East, the new steel drum bitumen is in the range of $ 410 – $ 415 and the bulk bitumen is in the range of $ 320 – $ 325.