Natural gas storage injections exceed five-year average
US natural gas production has outpaced demand, resulting in more natural gas injected into storage midway through the 2023 refill season.
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The EIA expects global oil production to be lower than previously expected after OPEC+ announced that it will extend its crude oil production cuts, and Saudi Arabia announced an additional cut of 1 million bpd.
According to data from Gas Infrastructure Europe’s Aggregated Gas Storage Inventory, natural gas storage inventories were 56% full as of 1 April 2023 – the highest percentage on record for the end of a heating season.
In 2022, US ethane demand increased by approximately 9%, or almost 0.2 million bpd, to support the growing petrochemical industry.
The EIA forecasts that US refinery utilisation will remain similar to 2022, at above 90% over the next two years, as the industry returns to more typical rates after low refinery utilisation in 2020 and 2021.
As a result of the shutdown of Suncor's 103 000 bpd oil refinery in Commerce City, Colorado, US, supply of diesel and gasoline has been disrupted, and prices have risen.
Less refinery activity in China resulted from mobility restrictions related to COVID-19, and low petroleum product export quotas.
According to the EIA, the Brent price rose significantly in 1H22 but generally declined in the second half of the year.
The EIA forecasts that US industrial natural gas consumption will increase by 3% in 2022, after increasing by 2% in 2021.
Norway is among the top 10 natural gas producing nations in the world and has always been an important source of natural gas to the EU.
