US energy trade with Mexico, Canada increased in 2021
The US exported $42 billion worth of energy products to Mexico in 2021, the highest...
The US exported $42 billion worth of energy products to Mexico in 2021, the highest value since 1996, while the total value of energy trade between the two countries climbed to a level not seen in nine years, according to Census Bureau data analyzed by the Energy Information Administration. US energy trade with Canada also improved in 2021, with exports to Canada rising 40% to $21.9 billion and imports from Canada surging 76% to $102 billion.
The European gas crisis exacerbated by Russia's invasion of Ukraine will push global demand for liquefied...
The European gas crisis exacerbated by Russia's invasion of Ukraine will push global demand for liquefied natural gas to 480.6 million short tons by the end of the year, exceeding available supply by 28.6 million short tons, Rystad Energy predicted. "By shunning Russian gas, Europe has destabilized the entire global LNG market that began the year with a precarious balance after a tumultuous 2021," said Rystad analyst Kaushal Ramesh, adding, "For producers, it suggests the next LNG boom is here, but it will arrive too late to meet the sharp spike in demand."
Back in Mid-March, the Energy Information Administration (EIA) ...
Back in Mid-March, the Energy Information Administration (EIA) reported weekly retail average gasoline prices across all grades of $4.41 a gallon. That was the highest weekly average ever reported by the EIA (but it isn’t adjusted for inflation). Previously the highest weekly average reported took place in July 2008, when crude oil prices reached nearly $150 a barrel.
However, since reaching $4.41/gal, the national average dropped to about $4.20/gal as oil prices pulled back to ~$100/bbl. Barring a new geopolitical event that impacts the oil markets, it seems likely that the price of gasoline will remain below that March peak for now.
OPEC Kingpins Sound Alarm Over World’s Dwindling Energy Capacity
The oil ministers of Saudi Arabia and the United Arab Emirates warned that spare capacity is decreasing...
The oil ministers of Saudi Arabia and the United Arab Emirates warned that spare capacity is decreasing in all energy sectors, as products from crude to diesel and natural gas trade near record highs in the wake of Russia’s invasion of Ukraine.
“I am a dinosaur, but I have never seen these things,” Saudi minister Prince Abdulaziz bin Salman, who’s been attending OPEC meetings since the 1980s, said Tuesday at a conference in Abu Dhabi, referring to the recent surge in prices for refined products. “The world needs to wake up to an existing reality. The world is running out of energy capacity at all levels.”
