EIA

EIA foresees global crude oil prices to gradually increase

According to EIA’s January Short-Term Energy Outlook, the predictions are that global benchmark Brent crude oil is to average $61 per barrel in 2019 and $65/barrel in 2020, experiencing an increase from the end of 2018. Yet, it will remain lower than the 2018 average of $71/b US benchmark West Texas Intermediate (WTI) crude oil prices were $8/b lower than Brent prices in December 2018, and EIA expects this difference to narrow to $4/b in the Q4 of 2019 and during 2020.

Mainly, EIA foresees that...

https://safety4sea.com/eia-foresees-global-crude-oil-prices-to-gradually-increase/

EIA: New electric generating capacity to occur from renewables and natural gas in 2019

According to EIA, 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 additions are embodied by wind (46%), natural gas (34%), and solar photovoltaics (18%), with the remaining 2% consisting primarily of other renewables and battery storage capacity.

Specifically:

  • Wind

An overall of 10.9 GW of wind capacity is planned to be online in 2019. The majority of the capacity will come online at the end of the...

https://safety4sea.com/eia-new-electric-generating-capacity-to-occur-from-renewables-and-natural-gas-in-2019/

US natural gas increased in 2018

According to EIA, during 2018 the annual Henry Hub natural gas spot price increased to $3.16 per million British thermal units (MMBtu), up 15 cents from the 2017 average. The prices were risen gradually, with important increases on October and November, before experiencing a decrease in December.

Specifically, the growing US production and low temperatures during winter, resulted to a increasing demand on natural gas consumption on 2018.

Additionally, continued increases of U.S. natural gas...

https://safety4sea.com/us-natural-gas-increased-in-2018/

EIA: Crude oil prices end 2018 lower than they began

According to EIA, 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 peaked during October 3 at $86/b and $76/b, respectively. Prices for each benchmark reduced quickly after that, and on December 24, Brent reached an annual low of $50/b and WTI reached an annual low of $43/b.

GET THE SAFETY4SEA IN YOUR INBOX!

Name:

Brent ended the year at $54/b,...

https://safety4sea.com/eia-crude-oil-prices-end-2018-lower-than-they-began/

EIA: China surpasses the US as the world’s largest crude oil importer in 2017

China surpassed the United States in yearly gross crude oil imports during 2017, importing 8.4 million barrels per day (b/d) in comparison to 7.9 million b/d for the United States. In 2013, China had become the world’s largest net importer of total petroleum and other liquid fuels. New refinery capacity and strategic inventory stockpiling combined with decreasing domestic oil production were the most important factors that contributed to the recent increase in China’s crude oil imports.

Namely, d...

https://safety4sea.com/eia-china-surpasses-the-us-as-the-worlds-largest-crude-oil-importer-in-2017/

EIA: US LNG export capacity to more than double by the end of 2019

US LNG export capacity will reach 8.9 billion cubic feet per day (Bcf/d) by the end of 2019, making the country the third largest in the world behind Australia and Qatar, according to EIA forecasts. Currently, US LNG export capacity stands at 3.6 Bcf/d, and it is expected to end the year at 4.9 Bcf/d as two new liquefaction units (trains) become operational.

Namely, the US started exporting LNG from 48 states in February 2016, when the Sabine Pass liquefaction terminal in Louisiana shipped its...

https://safety4sea.com/eia-us-lng-export-capacity-to-more-than-double-by-the-end-of-2019/

US EPA finalizes Renewable Fuel Standard for 2019

The US Environmental Protection Agency (EPA) has issued a final rule for the 2019 Renewable Fuel Standard (RFS) program, with the total US renewable fuel volume requirement set 3% higher than the 2018 mandate, but nearly 30% lower than the statutory volume standards set forth by the Energy Independence and Security Act of 2007 (EISA 2007).

Namely, in addition to the past, EPA exercised its cellulosic waiver authority to lower volume standards for cellulosic biofuels since development is moving...

https://safety4sea.com/us-epa-finalizes-renewable-fuel-standard-for-2019/

New record for US crude oil and natural gas proved reserves in 2017

According to EIA’s recent report ‘Crude Oil and Natural Gas Proved Reserves’, there is a continuous rise on shale and tight resources that drove proved reserves of both U.S. crude oil and natural gas to new records in 2017. Reserves of  U.S. crude oil increased 19.5% in comparison to 2016, whereas reserves of natural gas increased by 36.1% from the end of 2016.

As stated, there is a steady development of proved reserves on US crude oil and natural gas that exceeded the previous record of 388.8...

https://safety4sea.com/new-record-for-us-crude-oil-and-natural-gas-proved-reserves-in-2017/

EIA: US had less wells but bigger crude oil and natural gas production in 2017

The total number of wells producing crude oil and natural gas in the US fell to 991,000 in 2017, down from a peak of 1,039,000 wells in 2014, while, in 2017, the daily production rates of individual wells contributed to an increase of US total crude oil and natural gas production, according to EIA. This reflects the advances in technology and drilling techniques, EIA noted.

Wells are classified as nonhorizontal and horizontal. According to that:

  • Nonhorizontal wells decreased from 940,000 in 2014...

https://safety4sea.com/eia-us-had-less-wells-but-bigger-crude-oil-and-natural-gas-production-in-2017-2/

+ More