Oil producers market more than 160 unique crude oils today, each varying from light to heavy, with different sulfur levels and other chemical attributes that affect price and market. Only a few individual crudes—particularly Brent and West Texas Intermediate (WTI)—serve as industry benchmarks. The OPEC Reference Basket (ORB) is another common benchmark.
The Energy Data Brief offers key statistics designed to help energy market watchers anticipate and respond to developments in the energy sector as well as changes in related industries and investments.
(15 June 2021) The US natural gas spot price at Henry Hub, Louisiana — the benchmark price reference for the US natural gas market and an important price reference in global gas trading — will average $3.07 per million British thermal units (MMBtu) in 2021, a 51% increase from the 2020 average, according to the U.S. Energy Information Administration (EIA). The agency attributes this year's price growth to rising liquefied natural gas (LNG) exports and increasing domestic natural gas consumption outside of the power sector. In 2022, Henry Hub prices are expected to decrease to...
(October 2016) - Renewable energy resources have increasingly become mainstream energy soures worldwide, catapulted by new capacity in developing countries. Depending on the source, renewable energy has or is poised to surpass coal to become the world's largest source of electrical power capacity. The International Energy Agency (IEA) in its most recent medium-term renewable market report said that this transition occurred during 2015, while according to the latest energy outlook by the US Energy Information Administration (EIA) the transition will be completed in 2016. The IEA...
In November 2018, the United States exported a historic 2.6 million barrels of crude oil per day to become the world’s fifth largest exporter of crude oil. While the US is on track to maintain this historic volume of production during the next couple of years, the EIA in March tempered its February production growth forecast, issuing a 0.9 percent downward revision for 2019 and 1.3 percent revision for 2020. The current forecast predicts average 12.3 million b/d production this year and 13 million b/d in 2020, while the previous average estimates were 12.41 and 13.2 million b/d,...
In June, US crude oil exports reached historic levels at nearly 2.2 million barrels per day (b/d), a level similar to that of Nigeria and Iran. From 1975 until late 2015, a federal ban on the export of US crude oil severely restricted crude oil exports to all countries except Canada. By lifting the ban, the US Government has transformed the United States into a major exporter of crude oil and a force that is reshaping global oil markets. To date in 2018, the United States has averaged more than 1.7 million b/d of crude oil exports while continuing to import an average of 7.9...
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