Latest news with #ShortTermEnergyOutlook
Business Recorder
3 days ago
- Business
- Business Recorder
Oil falls as IEA raises supply forecast, investors await US-Russia meeting
LONDON: Oil prices fell on Wednesday after the IEA noted supply overtaking demand this year, while investors awaited Friday's meeting between US President Donald Trump and Russian President Vladimir Putin. Brent crude futures fell 45 cents, or 0.7%, to $65.67 a barrel at 0831 GMT, while US West Texas Intermediate crude futures edged down 53 cents, or 0.8% at $62.64. Both contracts settled lower on Tuesday. Trump and Putin are due to meet in Alaska on Friday to discuss ending Russia's war in Ukraine, which has shaken oil markets since February 2022. 'Oil prices drifted lower on expectations that Friday's summit would not result in additional sanctions on Russia, ensuring the country's oil continues to flow predominantly to the south and east,' said PVM Oil analyst Tamas Varga in a note. The International Energy Agency on Wednesday raised its forecast for oil supply growth this year following OPEC+'s decision but lowered its demand forecast due to lacklustre demand across the major economies. Long-term support, however, came from OPEC's updated monthly report on global supply and demand, Varga said, which raised its global oil demand forecast for next year and trimmed its estimate for growth in supply from the United States and other producers outside the wider OPEC+ group, pointing to a tighter market. Investors also awaited further cues after an industry report showed US crude stockpiles climbed last week. Crude inventories in the United States, the world's biggest oil consumer, rose by 1.52 million barrels last week, market sources said, citing American Petroleum Institute figures on Tuesday. Gasoline inventories dropped while distillate inventories gained slightly. Analysts polled by Reuters expect today's Energy Information Administration report to show crude inventories fell by about 300,000 barrels last week. The EIA on Tuesday in its Short Term Energy Outlook (STEO) forecast Brent prices to average less than $60 per barrel in the fourth quarter, which would be the first quarter with average prices that low since 2020, stating that growth in the global oil supply would surpass growth in demand for petroleum products. Reuters
The Hill
3 days ago
- Business
- The Hill
Record U.S. power usage predicted in 2025, 2026
U.S. electricity usage is expected to grow to new highs in 2025 and 2026, according to a Tuesday projection. The forecast, from the Energy Information Administration (EIA), the nation's energy statistics agency, attributes the projected increases to power hungry data centers in the latest iteration of its Short Term Energy Outlook. It states that power sales to the commercial sector will increase by 3 percent this year and 4.5 percent next year 'largely by more demand from data centers.' Separately, it says that sales to industrial consumers are expected to increase 2 percent this year and 3.5 percent next year. The projections come in contrast to stable energy use over the last few decades. Between 2005 and 2020 energy use only rose by 0.1 percent. The latest projection comes amid growing concerns about the nation's ability to keep up with energy demand and the potential for blackouts, higher energy bills and worse climate outcomes as a result. The analysis also predicts that retail electricity prices for households will increase by 4 percent in 2025 when compared to 2024, though the report notes that aligns with current trends, as prices have increased by about 5 percent on average each year since the pandemic. President Trump, on his first day in office, declared an energy emergency and has sought to bolster fossil energy and nuclear power. However, his administration has also sought to slow the build out of solar and wind power.
Yahoo
10-06-2025
- Business
- Yahoo
Data center demand to push US power use to record highs in 2025, '26, EIA says
By Scott DiSavino (Reuters) -Power-hungry data centers that provide computing power for artificial intelligence and crypto currency will push U.S. electricity consumption to record highs in 2025 and 2026, the U.S. Energy Information Administration said in its Short Term Energy Outlook (STEO) on Tuesday. The EIA projected power demand will rise to 4,193 billion kilowatt hours (kWh) in 2025 and 4,283 billion kWh in 2026 from a record 4,097 billion kWh in 2024. In addition to data centers, American homes and businesses are expected to use more electricity for heat and transportation. The EIA forecast 2025 power sales will rise to 1,517 billion kWh for residential consumers, 1,474 billion kWh for commercial customers and 1,055 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. The 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 19% in 2025, the same as 2024, before easing to 18% in 2026, according to the outlook. EIA projected gas sales in 2025 would rise to 13.1 billion cubic feet per day (bcfd) for residential consumers, 9.7 bcfd for commercial customers and 23.5 bcfd for industrial customers, but fall to 35.9 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.
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
11-03-2025
- Business
- Reuters
EIA expects US crude, gas output to rise to record highs in 2025
NEW YORK, March 11 (Reuters) - U.S. crude oil and natural gas production, along with demand for natural gas and electricity, will all rise to record highs in 2025, the U.S. Energy Information Administration (EIA) said on Tuesday in its Short Term Energy Outlook (STEO) report. The agency said it expects crude oil production to average 13.61 million barrels per day (bpd) in 2025 and 13.76 million bpd in 2026, up from 13.22 million bpd in 2024. It also projected domestic petroleum and other liquid fuels consumption would rise to 20.5 million bpd in 2025 and 20.6 million bpd in 2026, from 20.3 million bpd in 2024. That compares with a record 20.8 million bpd in 2005. The EIA's latest projection for crude production in 2025 was higher than the prior month's projection of 13.59 million bpd. It also projected dry gas production will rise from 103.2 billion cubic feet per day (bcfd) in 2024 to 105.2 bcfd in 2025 and 107.5 bcfd in 2026. That compares with a record 103.6 bcfd in 2023. The agency estimated domestic gas consumption would rise from a record 90.4 bcfd in 2024 to 92.0 bcfd in 2025 before easing to 91.1 bcfd in 2026. U.S. power consumption will rise to record highs in 2025 and 2026, the EIA said. With growing demand from data centers dedicated to artificial intelligence and cryptocurrency and with homes and businesses using more electricity for heat and transportation, the EIA projected power demand will rise to 4,215 billion kilowatt-hours (kWh) in 2025 and 4,278 billion kWh in 2026 from a record 4,097 billion kWh in 2024.
