China imported record volumes of crude oil in 1H23
The EIA has reported that record volumes of crude oil were imported into China during 1H23 because of refinery expansions in the country and initiatives to reopen the economy.
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Production cuts among OPEC+ members are limiting availability of medium and heavy sour grades of crude oil and contributing to higher relative prices for these grades, reversing typical price relationships.
So far in 2023, 10 natural gas-fired power plants have come online in the US with a total of 6.6 GW of electric generating capacity. The EIA expects another six natural gas-fired power plants with another 1.8 GW of capacity to come online in 2H23.
The US exported more LNG than any other LNG-exporting country in the first six months of 2023.
Unplanned refinery outages and lower gasoline production capacity are increasing the costs of producing summer-grade gasoline in the US.
In 1H23, natural gas spot prices at Texas hubs traded closer to the US benchmark, Henry Hub, than in the second half of 2H22.
The EIA has reported that refiners in China processed and imported record volumes of crude oil in 1H23, sourcing much of the additional crude oil runs from Russia, Iran, Brazil, and the US.
US natural gas pipeline exports to Mexico set a new record in June 2023, surpassing the previous record set in June 2021.
The US Energy Information Administration (EIA) expects LNG import capacity to increase in 2023–24 and reports that several countries are in advanced stages of developing LNG import capacity.
The EIA expects new milestones for US crude oil production amid sustained global petroleum demand and rising prices.
