Today in Energy

• U.S. inventories enter the winter with the most natural gas since 2016
  02 December 2024
  Working natural gas in storage in the Lower 48 states ended the natural gas injection season with 3,922 billion cubic feet (Bcf), according to estimates based on data from our Weekly Natural Gas Storage Report released on November 7. U.S. inventories are starting winter 2024–25 with the most natural gas since 2016. Inventories are currently 6% above the five-year (2019–23) average, despite less-than-average injections into storage throughout the entire injection season, which runs April 1 through October 31. Less natural gas than the five-year average was injected in nearly every week during the 2024 injection season, in part because starting inventories were relatively full.
• U.S. gasoline prices this Thanksgiving are at their lowest since 2020
  27 November 2024
  On the Monday before Thanksgiving, the retail price of regular gasoline averaged $3.04 per gallon (gal) across the United States, 7% less than the same time last year. Retail gasoline prices this Thanksgiving are at their lowest since 2020, when the COVID-19 pandemic disrupted gasoline demand.
• U.S. crude oil production established a new record in August 2024
  26 November 2024
  An average of 13.4 million barrels per day (b/d) of crude oil was produced in the United States during August 2024, a new record according to data from our Petroleum Supply Monthly. More crude oil was produced in the United States during August 2024 than during December 2023, when the previous monthly record of 13.3 million b/d was set.
• Global natural gas market may experience a tighter supply-demand balance this winter
  25 November 2024
  The last two winters in the Northern Hemisphere were exceptionally mild, keeping global natural gas markets well supplied and balanced at relatively low prices. Prices going into this winter are only slightly higher than last year at the same time based on current forward natural gas and liquefied natural gas (LNG) prices in Europe and Asia. If weather remains mild this winter as in the past two winters, we expect a relatively stable global supply-demand balance with prices similar to the previous two winters. But if Europe and Asia experience colder temperatures this winter than in the past two years or other operational and market risks materialize, global supply-demand balances could tighten, leading to elevated natural gas prices and potential price spikes.
• U.S. propane inventories are well stocked heading into the winter heating season
  21 November 2024
  The United States is well stocked with propane heading into the winter heating season, which runs from November through March, with U.S. propane inventories at the top of the five-year range spanning the winter of 2019–20 to the winter of 2023–24.