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Us Energy Information Administration News

22 Jun 2023

Saudi Arabian Crude Oil Exports Fall 12%

“By agreeing to an additional voluntary production cut within OPEC (Organization of the Petroleum Exporting Countries) of 500,000 barrels per day in May and announcing a further independent production cut of 1,000,000 barrels per day in July, Saudi Arabia is aiming to reduce excess supply and support prices,” says Niels Rasmussen, Chief Shipping Analyst at BIMCO.According to the EIA (U.S. Energy Information Administration), Saudi Arabian oil production fell to 9.9 mbpd (million barrels per day) in May…

12 May 2023

Record US Crude Exports, Rising Shale Output Boosts Oil Flow to Houston

Oil pipelines from the top U.S. shale field to Houston that have run half empty are filling again as rising output has absorbed most of the space on lines to the main south Texas export hub in Corpus Christi.U.S. crude exports climbed to a record of about 4.5 million barrels per day (bpd) in March, spurred by recovering Chinese demand and competitive pricing for U.S. oil. Sanctions on Russian crude purchases by the European Union and Britain also have boosted demand.Pipelines…

19 Apr 2023

Second-hand Crude Tankers Reach Highest Values in 25 Years, BIMCO Says

Credit:  lianxun zhang/AdobeStock

“Second-hand crude tanker values for five-year-old ships hit bottom levels in late 2020 and have since increased by an average 67%. Over the past twelve eventful months values have risen by 34%, reaching their highest level in 25 years,” says Niels Rasmussen, Chief Shipping Analyst at BIMCO.Crude tanker values saw their most recent low in December 2020 when Clarksons Research estimated the combined value of a five-year-old Aframax, Suezmax, and VLCC was USD 138.5 mill. Twelve months ago, that valuation had risen to USD 172.0 mill. (+25%).

20 Feb 2023

US LNG Producers Poised to Leapfrog Rivals with Three New Projects

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At least three proposed U.S. liquefied natural gas (LNG) export plants have likely found enough customers to receive financial approvals this year, according to Reuters calculations, developments that would make the country the world's largest LNG exporter for years to come.After a dearth of plant approvals last decade, developers have secured dozens of long-term contracts to finance new multibillion-dollar LNG plants. The pace of approvals has accelerated as Europe has shifted…

16 Jan 2023

US Offshore Wind: Our Interconnected Future

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It will take a team effort that spans sectors and even industries to meet the United States’ goal of 30 GW of offshore wind by 2030, writes Greg Lennon, ABS Vice President, Global Offshore Wind.As the United States offshore wind (OSW) industry considers the Biden-Harris Administration’s 30 gigawatts (GW) by 2030 goal, it’s easy to be struck by the monumental scope of the task ahead. From constructing enough installations before the aggressive deadline to the myriad support vessels needed to achieve these goals…

08 Dec 2022

Why Are Oil Tankers Stuck in Turkish Waters?

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Turkey's maritime authority said on Thursday it would continue to block the passage of oil tankers that don't carry appropriate insurance letters, adding that insurance checks on ships in its waters were a "routine procedure".The logjam is creating growing unease in oil and tanker markets and comes as the G7 and European Union introduce a price cap on Russian oil.Millions of barrels of oil per day move south from Russian ports through Turkey's Bosphorus and Dardanelles straits into the Mediterranean.Here are key facts about the issue.Ships typically have protection & indemnity (P&I) insurance…

18 Aug 2022

Oil Companies Work Around Jones Act to Supply US Fuel Markets

U.S. oil companies are working around a century-old shipping law to supply fuel to the U.S. East Coast, according to data from Refinitiv and oil trading sources, as high demand for gasoline and global disruptions in fuel markets sent prices higher.Traders are increasingly sending unfinished gasoline components from the Gulf Coast to Buckeye Partners LP’s terminal in the Bahamas, also known as Borco, where they are blended into finished gasoline to be sent to the U.S. East Coast. The uncommon trade is a sign of heavy demand for products up and down the coast, home of some of the nation's largest consumer markets.The trade represents a legal workaround to the Jones Act, which requires goods moved between U.S. ports to be carried by ships built domestically and staffed by U.S.

20 Jul 2022

Can US Port Infrastructure Handle More Crude Exports?

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U.S. crude shippers are exporting huge amounts of oil to meet strong demand from Europe following Russia's invasion of Ukraine and subsequent sanctions against Moscow. In coming years U.S. oil may find even more buyers overseas, but that could test the capabilities of U.S. export infrastructure.How much crude does the United States typically export?U.S. crude exports averaged 3.7 million barrels per day (bpd) over the four weeks through late May, their highest since March 2020, according to the U.S. Energy Information Administration.

12 Jul 2022

Could the US Ship More LNG to Europe?

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The United States, the world's top natural gas producer, wants to send more liquefied natural gas (LNG) to Europe to help its allies break their dependence on Russian gas after Moscow invaded Ukraine on Feb. 24.But U.S. exports are limited by the country's liquefaction capacity and an ongoing outage at Freeport LNG's plant after the second-biggest U.S. LNG export facility was hit by fire in June.Russia, once Europe's biggest gas supplier, has already cut exports for various reasons this year…

22 Jul 2022

U.S. to Add 6 GW of Offshore Wind Capacity Through 2029 -EIA

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Power plant developers and operators plan to install more than 6 gigawatts of offshore wind capacity at sites mostly along the U.S. eastern seaboard over the next seven years, the U.S.

03 Jun 2022

New U.S. Hurricane Outlook Sees Five Major Storms

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Forecasters on Thursday amped up their outlook for the U.S. Atlantic hurricane season, saying warm sea temperatures and the absence of a moderating wind shear portend a "well-above average" number of storms.Colorado State University researchers raised their estimate for tropical storms, hurricanes and major hurricanes by one apiece to 20, 10 and five, respectively. There is a 50% chance or more of at least one major hurricane apiece hitting the East and Gulf Coasts, it said.The 2022 Atlantic hurricane season began on Wednesday and continues through Nov.

22 Feb 2022

US Met More Than a Quarter of European LNG Demand Last Year

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The United States last year became Europe’s largest source of liquefied natural gas (LNG), the U.S. Energy Information Administration (EIA) said on Tuesday.The United States this year became the world's largest LNG exporter by capacity here, exceeding Australia and Qatar, because of its development of new LNG processing plants and ample natural gas from shale reservoirs.Of LNG imported by European Union member countries and the United Kingdom last year, 26% came from the United States…

07 Jan 2022

Gas Gap in Europe Drives US LNG Exports to Record High

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Sky-high European demand drove U.S. liquefied natural gas (LNG) exports to a record in December, Refinitiv data showed, with winter supply worries set to sustain orders for the fuel.About half of the record U.S. LNG volumes shipped last month went to Europe, up from 37% earlier in 2021, data from Refinitiv and the U.S. Energy Information Administration showed.The gains reflected soaring demand for the home heating and industrial fuel that pushed prices in Europe and Asia to record highs.

31 Dec 2021

2021 in Review: The Dry Bulk and Tanker Markets

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The Signal Group offers an exhaustive overview of the trends in the dry bulk and tanker markets that both defined 2021, and offer a glimpse as to what might be in store for 2022 and beyond. The report is excerpted in short below; to see the full report CLICK HERE.Using Signal Ocean data, give the insight to analyze the trends and changes across the major vessel sizes in the dry and tanker freight market for 2021. This time last year, Signal Group analyzed the effects of the coronavirus pandemic on commercial shipping with a focus on dirty tankers - VLCC…

29 Dec 2021

Oil Prices Hold Near $80 on Tight Supply and Stocks Drop

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Oil prices held close to $80 a barrel on Wednesday as global supply outages and declining U.S. inventories offset worries that rising coronavirus cases might reduce demand.Brent crude rose to as much as $79.20 a barrel before retreating to trade 24 cents down on the day at $78.70 by 1427 GMT. U.S. West Texas Intermediate (WTI) crude edged 32 cents lower to $75.65 after touching $76.17.Both contracts are trading near their highest in a month, aided by strength in global equities."Markets are overwhelmingly pricing in the latest coronavirus variant as a milder incarnation…

01 Dec 2021

U.S. Crude Output in September Fell 3.5% after Ida Hit Offshore Platforms

Hurricane Ida in August - Image credit: European Space Agency via NASA

U.S. crude oil production fell 3.5% in September after Hurricane Ida temporarily halted most crude production in federal waters of the Gulf of Mexico, according to a monthly report from the U.S. Energy Information Administration on Tuesday.Crude output dropped 380,000 barrels per day to 10.809 mln bpd from a revised 11.189 mln bpd in August, the report said. The decline came as production in the offshore Gulf of Mexico fell by 464,000 bpd, offsetting onshore gains.Ida disrupted Gulf of Mexico production as it passed through the Gulf at the end of August.

17 Sep 2021

Some 28% of U.S. Gulf of Mexico Crude Output Offline

Louisiana Offshore Oil Port, Pumping Platform Complex - Credit: Edibobb - Wikimedia Commons

U.S. Gulf Coast crude oil exports are flowing again after recent hurricanes took out 26 million barrels of offshore production, according to sources and Refinitiv Eikon data, with local prices easing as more shipments moved out of the region.Hurricanes Ida and Nicholas damaged platforms, pipelines and processing hubs, shutting in most offshore production for weeks. Restarts continued on Thursday with about 28% of U.S. Gulf of Mexico crude output offline. Some vessels remained at sea waiting to load U.S. crude.But of more than 50 tankers set to load U.S.

09 Sep 2021

US Gulf of Mexico Oil Production Losses Lead to Cargo Cancellations

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U.S. oil offshore losses remained at 76% on Thursday after Hurricane Ida hit the Gulf of Mexico, according to government data, which prolonged outages and caused the first oil cargo shipment cancellations to buyers in Asia.Production should be disrupted for several more days amid lasting damages to transfer stations and offshore facilities used by different companies, analysts said, with impact to oil prices."It seems to be at least more than a week away until most of the shut-in Gulf of Mexico production is restored…

01 Jun 2021

US Records Show Iran Oil Cargo Landed One Month After Ship Seizure

A cargo of 1.033 million barrels of Iranian crude oil landed on U.S. shores in March, data from the U.S. Energy Information Administration (EIA) showed, the second shipment of Iranian oil to be imported into the United States since 1991.The cargo was registered in EIA data released late last week for the month following the seizure by U.S. authorities of the Liberian-flagged tanker Achilleas, which was transporting Iranian crude.The EIA gave no other details on the Iranian cargo, and the agency could not be reached for comment outside of U.S. office hours. Monday is a holiday in the United States.The United States last recorded Iranian crude and petroleum imports of 3…

15 Apr 2021

U.S. Crude Oil Exports: When 'Less is More'

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Longer sailing distances cushion fall in US crude oil exportsTon mile demand generated by US crude oil exports has fallen by 9.7% in the first two months of 2021 compared with the start of 2020. The fall could however have been much worse; In volume terms, seaborne crude oil exports have fallen by 18.8%, to 20.9m tonnes, a 4.8m tonnes decline compared with last year, according to data from the US Census Bureau.While seaborne crude oil exports to all regions have fallen, those to Asia are among the least affected, down just 1.0%, or equivalent to one Aframax load (101,088 tonnes).

26 Mar 2021

The Suez Canal: A Vital Transit Route With an Ancient History

(Photo: BlackSky)

The Suez Canal, blocked by a giant container ship that ran aground on Tuesday, is the quickest sea route between Asia and Europe and about 15% of global shipping traffic moves through it.The 193-km (120-mile) waterway, run by the state-owned Suez Canal Authority, is a vital source of foreign currency for Egypt.How much oil goes through the canal?Of the 39.2 million barrels per day (bpd) of crude oil imported by seaborne methods in 2020, 1.74 million bpd went through the Suez Canal…

24 Mar 2021

Oil Gains More Than $3/bbl After Suez Canal Ship Grounding

(Photo: Suez Canal Authority)

Oil prices jumped about 6% on Wednesday after a ship ran aground in the Suez Canal, and worries that the incident could tie up crude shipments gave prices a boost after a slide over the last week.The crude benchmarks, U.S. crude and London-based Brent, added to gains after U.S. inventory figures showed a further rebound in refining activity, suggesting U.S. refiners are mostly recovered from the cold snap that slammed Texas in February.Brent crude settled at $64.41 a barrel, gaining $3.62, or 6%, after tumbling 5.9% the previous day.

26 Feb 2021

Vehicle Carrier Ship Hit by Explosion in Gulf of Oman

An Israeli-owned ship, the MV HELIOS RAY, was hit by an explosion in the Gulf of Oman overnight Thursday and a U.S. defense official said the blast left holes in both sides of the vessel's hull. The cause was not immediately clear.The vehicle-carrier ship is owned by a Tel-Aviv based company called Ray Shipping through a company registered in the Isle of Man, according to a U.N. shipping database."Investigations are ongoing. Vessel and crew are safe," the United Kingdom Maritime Trade Operations (UKMTO) said in an advisory notice on Friday. It urged vessels in the area to exercise caution.The U.S. defense official told Reuters in Washington…