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The U.S. Vitality Info Administration (EIA) estimates US pure gasoline consumption to succeed in document ranges in 2022 partly due to elevated pure gasoline use within the electrical energy sector, in line with our January Quick-Time period Vitality Outlook (STEO). The EIA estimates that home pure gasoline consumption averaged 88.7 billion ft3/d in 2022, a 6% improve from 2021. Electrical energy sector consumption averaged 33.3 billion ft3/d, an all-time excessive and up 8% from 2021, because the third-hottest Summer season on document boosted July air-conditioning demand. Though pure gasoline costs had been excessive in contrast with the earlier 5 years, coal provide constraints, comparatively excessive coal costs, and below-average stockpiles at coal-burning energy vegetation contributed to much less coal-fired energy technology and extra pure gas-fired energy technology. Primarily affected by adjustments in temperature, whole pure gasoline consumption rose within the residential sector (5%) and the industrial sector (7%).
US pure gasoline manufacturing reached a document excessive in 2022 on account of:
- Continued decline in drilled however uncompleted wells.
- Increased rig counts surpassing March 2020 ranges.
- Elevated takeaway capability to provide Gulf Coast LNG terminals.
Dry pure gasoline manufacturing averaged 98.0 billion ft3/d in 2022, surpassing the 2021 all-time excessive by 3.5 billion ft3/d. The Permian and Haynesville areas led the rise in manufacturing.
US pure gasoline storage inventories had been traditionally low for a lot of 2022, as temperature-related demand will increase outpaced manufacturing progress. Decrease-than-normal temperatures throughout the 2021 – 2022 heating season (November 2021 – March 2022) pushed US pure gasoline inventories to a three-year low of 1387 billion ft3 on March 31, 17% under the five-year (2017 – 2021) common. Web withdrawals rose to a four-year excessive throughout the 2021 – 2022 heating season. In the course of the refill sea-son (April 2022 – October 2022), higher-than-normal summer time temperatures contributed to below-average web injections into storage. Nevertheless, delicate temperatures mixed with larger manufacturing led to above-average weekly injection volumes in September and October, leading to storage inventories ending the refill season 3% under the year-ago and five-year averages.
The 2022 common wholesale US pure gasoline spot worth on the Henry Hub was the very best in actual and nominal phrases since 2008, averaging US$6.45 per million Btu, in line with information from Refinitiv Eikon. Day by day costs reached a excessive of US$9.85/Btu on 22 August 2022 and a low of US$3.46/Btu on 9 November 2022, and exhibited volatility all year long. Regional costs within the Northeast spiked in January, whereas regional costs all through the western US reached over US$50.00/Btu in December and costs on the Waha Hub in West Texas traded under the Henry Hub for many of the yr.
US gross pure gasoline exports continued their upward pattern, as LNG capability and exports in 2022 surpassed these in 2021 and drove whole exports larger. The seventh US LNG export terminal started operations in March 2022, including 1.3 billion ft3/d in baseload LNG manufacturing capability, which helped offset a few of the 2 billion ft3/d of capability misplaced from a shutdown of the Freeport LNG terminal in June. Expanded pipeline infrastructure in producing areas supplying the US Gulf Coast elevated capability to move pure gasoline to close by industrial services and LNG terminals, permitting US shippers to develop exports. Greater than 60% of US LNG exports continued to circulation to EU locations within the first 10 months of 2022, displacing East Asian markets as the highest vacation spot for US LNG, primarily to offset a decline in Russia’s pure gasoline pipeline exports to Europe.
Learn the article on-line at: https://www.lngindustry.com/liquid-natural-gas/13012023/eia-natural-gas-consumption-production-and-exports-broke-records-in-2022/
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