US gasoline prices decline amid lower gasoline demand and falling crude oil prices
The EIA reports that on 20 November 2023, the regular gasoline retail price averaged US$3.29/gal across the US, 10% less than the same time in 2022.
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The EIA reports that natural gas pipeline capacity is being developed for new US LNG export terminals.
On 23 October 2023, the US District Court of Delaware initiated a process that will see the sale of three refineries owned by Citgo parent company, PDV Holdings, the US subsidiary of Venezuelan state-owned oil company, Petróleos de Venezuela SA (PdVSA).
Over the next five years, the EIA predicts North America’s LNG export capacity will expand.
The US Energy Information Administration (EIA) reports that associated natural gas production increased 9% in 2022 due to higher crude oil production.
Low gasoline demand and the switch to winter-grade gasoline pushed the spread between gasoline blendstock and crude oil prices to multiyear lows in early October 2023.
The US Energy Information Administration (EIA) projects that global energy consumption and associated carbon dioxide emissions will increase through 2050.
Delays at the Panama Canal because of low water levels are causing very large gas carrier (VLGC) rates to reach record highs, increasing the cost of shipping LPG.
The EIA reports that US exports of petroleum products grew by 2% to nearly 6 million bpd in 1H23.
Monthly average natural gas wholesale spot prices at the US benchmark Henry Hub have been generally declining so far in 2023, but these relatively low prices do not immediately translate into lower retail prices for residential consumers.
