Latest news with #STEO
Business Recorder
07-05-2025
- Business
- Business Recorder
US natgas output, demand to hit record highs
NEW YORK: US natural gas output and demand will both rise to record highs in 2025, the US Energy Information Administration (EIA) said in its Short-Term Energy Outlook (STEO) on Tuesday. EIA projected dry gas production will rise from 103.2 billion cubic feet per day (bcfd) in 2024 to 104.9 bcfd in 2025 and 106.4 bcfd in 2026. That compares with a record 103.6 bcfd in 2023. The agency also projected domestic gas consumption would rise from a record 90.5 bcfd in 2024 to 91.3 bcfd in 2025 before easing back to 90.7 bcfd in 2026. The May projections for 2025 were lower than EIA's 105.3 bcfd supply forecast in April, but higher than the agency's 91.2 bcfd demand forecast in April. The agency forecast average US liquefied natural gas (LNG) exports would reach 14.6 bcfd in 2025 and 16.0 bcfd in 2026, up from a record 11.9 bcfd in 2024. As renewable sources of power displace coal-fired plants, the agency projected US coal production would fall from 512.1 million short tons in 2024, the lowest since 1964, to 506.4 million tons in 2025, still the lowest since 1964, and 474.9 million tons in 2026, the lowest since 1962. EIA projected carbon dioxide (CO2) emissions from fossil fuels would rise from a four-year low of 4.775 billion metric tons in 2024 to 4.827 billion metric tons in 2025 as oil, coal and gas use increases, before easing to 4.742 billion metric tons in 2026 as oil, coal and gas use declines.
Yahoo
12-04-2025
- Business
- Yahoo
US EIA predicts reduced global oil demand from trade tariffs and market uncertainties
The US Energy Information Administration (EIA) anticipates a decline in global oil demand growth through 2026, driven by recent trade policy developments and oil production changes. This forecast is detailed in EIA's April Short-Term Energy Outlook (STEO), which highlights significant uncertainties in energy supply, demand and prices. The STEO, based on current market conditions, notes that early April developments have notably impacted global oil markets. On 2 April, President Donald Trump signed an executive order imposing a minimum 10% tariff on imports from all countries, with higher tariffs on some. In response, China imposed 34% tariffs on US imports on 4 April. Amid these tariff announcements, OPEC+ members declared on 3 April that certain countries would begin increasing oil production in May rather than July, as initially planned. These announcements led to a 12% drop in the Brent crude oil spot price to $68 per barrel (bbl) by 4 April. The EIA's forecasts, completed on 7 April, incorporate some of these recent market changes. However, the agency expects continued volatility as market participants react to further developments. The EIA projects ongoing growth in US and global oil production, with OPEC+ accelerating its previously announced production increases and the US exempting energy from its recent tariffs. The EIA expects global oil inventories to rise starting mid-2025, although market uncertainty could result in lower economic growth and reduced demand for petroleum products than previously forecast. This combination of increasing supply and decreasing demand leads the EIA to predict that the Brent crude oil price will average less than $70/bbl in 2025, dropping to just over $60/bbl in 2026. These prices are approximately 10% lower than the March STEO forecast, reflecting heightened uncertainty around global oil demand growth and potential additional supply from OPEC+ in the coming months. Other uncertainties include existing sanctions on Russia, Iran and Venezuela, which could also impact oil prices. The EIA expects China's retaliatory tariffs on US goods to significantly affect propane as China is a major importer of US propane. While some propane previously exported to China may find new destinations, the EIA predicts reduced export demand will increase propane inventories on the US Gulf Coast, exerting downward pressure on the Mt. Belvieu propane spot price. US natural gas demand is also forecasted to grow by 4% in 2025, averaging just over 115 billion cubic feet per day. This growth is driven by an 18% increase in exports and a 9% rise in residential and commercial consumption for space heating. The increase in natural gas exports is primarily due to the expansion of liquefied natural gas (LNG) exports as new Plaquemines Phase 1 and Golden Pass LNG facilities commence operations. Despite China not currently importing US LNG, the EIA expects global LNG demand and flexible US LNG contract clauses to mitigate the impact of recent trade policy developments on US LNG exports. The EIA continues to forecast higher natural gas prices this year, with the Henry Hub price averaging around $4.30 per million British thermal units (MBtu) in 2025, up $2.10/MBtu from 2024. The agency expects the annual average price to rise to around $4.60/MMBtu in 2026. "US EIA predicts reduced global oil demand from trade tariffs and market uncertainties" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Zawya
11-04-2025
- Business
- Zawya
US natgas output and demand to hit record highs in 2025, EIA says
U.S. natural gas output and demand will both rise to record highs in 2025, the U.S. Energy Information Administration (EIA) said in its Short-Term Energy Outlook (STEO) on Thursday. EIA projected dry gas production will rise from 103.2 billion cubic feet per day (bcfd) in 2024 to 105.3 bcfd in 2025 and 107.1 bcfd in 2026. That compares with a record 103.6 bcfd in 2023. The agency also projected domestic gas consumption would rise from a record 90.5 bcfd in 2024 to 91.2 bcfd in 2025 before easing back to 90.5 bcfd in 2026. The April projections for 2025 were higher than EIA's 105.2 bcfd supply forecast in March, but lower than the agency's 92.0 bcfd demand forecast in March. The agency forecast average U.S. liquefied natural gas (LNG) exports would reach 15.2 bcfd in 2025 and 16.4 bcfd in 2026, up from a record 11.9 bcfd in 2024. As renewable sources of power displace coal-fired plants, the agency projected U.S. coal production would fall from 512.1 million short tons in 2024, the lowest since 1964, to 489.3 million tons in 2025, the lowest since 1963, and 466.0 million tons in 2026, the lowest since 1962. EIA projected carbon dioxide (CO2) emissions from fossil fuels would rise from a four-year low of 4.772 billion metric tons in 2024 to 4.812 billion metric tons in 2025 as coal and gas use increases, before easing to 4.741 billion metric tons in 2026 as coal and gas use declines.
Yahoo
10-04-2025
- Business
- Yahoo
US power use to reach record highs in 2025 and 2026, EIA says
By Scott DiSavino (Reuters) - U.S. power consumption will hit new record highs in 2025 and 2026, the U.S. Energy Information Administration said in its Short Term Energy Outlook (STEO) on Thursday. EIA projected power demand will rise to 4,201 billion kilowatt hours (kWh) in 2025 and 4,244 billion kWh in 2026, from a record 4,097 billion kWh in 2024. Those demand increases come from data centers dedicated to artificial intelligence and cryptocurrency, and as homes and businesses use more electricity for heat and transportation. EIA forecast 2025 power sales will rise to 1,527 billion kWh for residential consumers, 1,467 billion kWh for commercial customers and 1,059 billion kWh for industrial customers. Those forecasts compare to all-time highs of 1,509 billion kWh for residential consumers in 2022, 1,434 billion kWh in 2024 for commercial customers and 1,064 billion kWh in 2000 for industrial customers. EIA said natural gas' share of power generation would slide from 42% in 2024 to 40% in 2025 and 2026. Coal's share will hold at 16% in 2025, the same as 2024, before easing to 15% in 2026, as renewable output rises. The percentage of renewable generation will rise from 23% in 2024 to 25% in 2025 and 27% in 2026, while nuclear power's share will hold at the 2024 level of 19% in 2025 and 2026, according to the outlook. EIA projected gas sales in 2025 would rise to 13.2 billion cubic feet per day (bcfd) for residential consumers and 9.8 bcfd for commercial customers, hold at 23.4 bcfd for industrial customers and fall to 35.7 bcfd for power generation. That compares with all-time highs of 14.3 bcfd in 1996 for residential consumers, 9.6 bcfd in 2019 for commercial customers, 23.8 bcfd in 1973 for industrial customers and 36.9 bcfd in 2024 for power generation. Sign in to access your portfolio
Reuters
07-04-2025
- Business
- Reuters
US EIA delays short-term outlook report amid oil market downturn
NEW YORK, April 7 (Reuters) - The U.S. Energy Information Administration said on Monday it is delaying publication of the "Short-Term Energy Outlook" (STEO) report, amid a plunge in oil prices to near four-year lows over growing concerns of a global recession. The report, scheduled for Tuesday, April 8, will now be published on Thursday, April 10, at noon EDT (1600 GMT), the EIA said in an email. The EIA is re-running the models used for STEO forecasts to reflect the most recent developments in the market. WHY IT'S IMPORTANT The monthly STEO report details the EIA's forecasts for U.S. and global oil supply and demand, with commentary from analysts on recent developments or anticipated changes factoring into its projections. The EIA is the only government agency in the world to report such detailed statistics, so market participants closely track its publications to inform trading decisions. CONTEXT U.S. and global benchmark crude oil futures have tumbled more than 10% to near four-year lows since April 2, when U.S. President Donald Trump announced sweeping tariffs on imports from trading partners including China and the European Union. The tariffs have heightened concerns of a global recession, with China responding with additional levies on U.S. imports and the European Union deliberating similar actions. Slower economic activity typically results in lower oil and fuel demand. Oil prices also came under pressure from a surprise decision by the Organization of the Petroleum Exporting Countries, together with its allies, to accelerate a planned unwinding of years-long output cuts.
