U.S. Energy Information Administration

In 2023, 89.1 billion cubic feet per day of natural gas was consumed in the United States. That amount is the highest on record. Since 2018, U.S. natural gas consumption has increased by an average of 4% annually. Monthly natural gas consumption set new records every month from March 2023 through November 2023. U.S. natural gas consumption has risen in the electric power sector as coal-fired electric-generating capacity has declined. Last year, the largest monthly increases in natural gas consumed by the electric power sector were in July and August, despite cooler-than-normal temperatures than during those months in 2022. Natural gas consumption in the electric power sector, which typically increases in July and August to meet air-conditioning demand, increased by 6% in July and August 2023 compared with those months in 2022, setting monthly records of 47.5 billion cubic feet per day in July and 47.2 billion cubic feet per day in August. https://lnkd.in/egF79DmJ #electricity #naturalgas #electricpower

In 2023, U.S. residential electricity bills increased by 2% each month compared with 2022. That growth rate was slower than inflation, which was 4.1% in 2023. Over the past decade, residential electricity prices have increased more slowly than overall inflation. https://lnkd.in/eXYFmgk5 #electricity #inflation

We forecast that U.S. liquefied natural gas exports will continue to lead growth in U.S. natural gas trade as three LNG export projects currently under construction start operations and ramp up to full production by the end of 2025. We also forecast increased natural gas exports by pipeline, mainly to Mexico. In our latest forecast, net exports of U.S. natural gas grow 6% to 13.6 billion cubic feet per day in 2024 compared with 2023. In 2025, net exports increase another 20% to 16.4 billion cubic feet per day. https://lnkd.in/d3q59NQm #LNG #naturalgas

China, the world’s largest importer of crude oil, imported 11.3 million barrels per day of crude oil in 2023, 10% more than in 2022. Refiners in China imported record volumes of crude oil in 2023 to supply the country’s increasing refining capacity in order to support the country’s transportation fuel needs and produce feedstocks for its growing petrochemical industry. https://lnkd.in/eU8UjzTb #China #oil #crudeoil

The United States exported 10% more natural gas in 2023 than in 2022, a record of 20.9 billion cubic feet per day. U.S. LNG exports accounted for more than half of all U.S. natural gas exports, and natural gas exports by pipeline to Canada and Mexico accounted for the remainder. https://lnkd.in/gXxXXkym #naturalgas #LNG

We expect U.S. electricity consumption to increase in all sectors in 2024, with the greatest rate of growth in the residential sector. Forecasts indicate this summer will be warmer than average, driving increased use of air conditioning during the summer months and contributing to year-over-year growth in electricity consumption. Check out more of our forecasts in our Short-Term Energy Outlook. https://lnkd.in/gYnMqJkN

U.S. working natural gas inventories ended the winter heating season at 2,290 billion cubic feet, 39% more than the previous five-year average. Relatively high natural gas inventories all winter have contributed to record-low Henry Hub natural gas spot prices. The surplus to the five-year average grew over winter 2023–24 because of ▶️ Mild weather, ▶️ Low natural gas consumption ▶️ High natural gas production In our April Short-Term Energy Outlook, we expect natural gas inventories to remain relatively high and natural gas spot prices to remain relatively low through 2025. https://lnkd.in/exXH6Srk #naturalgas #winterfuels

Looking back at our Winter Fuels Outlook forecasts: Our October forecasts for energy expenditures during the five-month period from November 2023 through March 2024 were within 3% of our final estimates for homes primarily heated with natural gas, electricity, and propane. Estimated energy expenditures for homes primarily heated with heating oil were 13% lower than our October forecast because of mild winter weather and lower-than-expected crude oil prices. https://lnkd.in/eh_xN5w9 #propane #naturalgas #electricity #heatingcosts

Although wind power remains the largest source of renewable power in Texas, the installation of new wind turbine capacity slowed in 2023, while additions of solar generating capacity grew rapidly. With more solar capacity in Texas, we expect less use of natural gas generation during the middle of the day when solar generation displaces it. We also expect less use of natural gas in the summer when electricity demand is at its highest in Texas. Natural gas will continue to be a key source of electricity generation in the evening when demand is high and solar generation diminishes as the sun goes down. https://lnkd.in/dQbYFkNe #solarpower #windpower #renewableenergy #Texas #naturalgas #electricity

⚡️ We've launched an important new electricity data tool. ⚡️ Our new Wholesale Electricity Markets Portal shows real-time electricity market data from U.S. Regional Transmission Organizations, including: 💲 Day-ahead and real-time prices ⚡ Generation by fuel mix 🔌 Load Check it out here: https://lnkd.in/e2scqtdD #electricity #RTOs https://lnkd.in/ertHz4nB