EIA expects low natural gas prices to continue in 2024
The US Energy Information Administration (EIA) expects the benchmark Henry Hub spot price to average about US$2.25 per million Btu in 2024, a 10% decrease from 2023 and a 65% decrease from 2022.
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The EIA reports that the UAE has invested heavily in increasing hydrocarbon production capacity.
The EIA reports that in 2023, most of the crude oil produced in Texas was relatively dense for the state.
The US Energy Information Administration (EIA) expects average US retail gasoline prices to decrease in 2024 because of increased inventories related to increased refinery capacity.
The EIA forecasts average annual crude oil prices in 2024 and 2025 will remain near their 2023 average, with global supply and demand for petroleum liquids expected to be relatively balanced over the next two years.
The EIA reports that the US benchmark Henry Hub natural gas price averaged US$2.57 per million Btu in 2023, about a 62% drop from the 2022 average annual price.
The EIA reports that US retail gasoline prices in 2023 averaged US$0.43 per gal. less than in 2022.
The EIA reports that the price of Brent crude oil averaged US$83/bbl in 2023, down from US$101/bbl in 2022.
As Europe heads into its first winter after banning petroleum product imports from Russia, diesel imports from alternative trade partners look likely, reports the EIA.
Japanese refiner, ENEOS, permanently closed a 120 000 bpd refinery in western Japan in mid-October, and Idemitsu Kosan plans to close a 120 000 bpd refinery in March 2024.
