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After a dearth of plant approvals last decade, developers have secured dozens of long-term contracts to finance new multibillion-dollar LNG plants. The United States was long an importer of LNG, but natural gas discoveries and production from the shale revolution flipped the country into an LNG exporter in 2016. U.S. LNG exports hit 10.6 billion cubic feet per day (bcfd) in 2022, making the country the second biggest LNG exporter behind Australia. But their production volumes will allow the United States to remain ahead of output from Australia and Qatar. The seven U.S. export plants already in service, including Freeport LNG, can turn about 13.8 billion cubic feet of gas into LNG each day.

LONDON, Feb 16 (Reuters) - Resurgent passenger aviation following the coronavirus pandemic has created shortages of jet fuel, pushing up airlines’ operating costs and fares. U.S. jet fuel inventories stood at just 36.5 million barrels on Feb. 10, according to data from the U.S. Energy Information Administration (EIA). Chartbook: U.S. jet fuel inventoriesKerosene-type jet fuel is produced by similar refinery processes to diesel and other distillate fuel oils, but at higher quality specifications. But with shortages of both jet fuel and other middle distillates, the average price paid for jet fuel climbed to $3.37 per gallon ($142 per barrel) in 2022 up from $2.00 per gallon in 2019. With China lifting domestic and international travel restrictions, global consumption of jet fuel is set to rise sharply, which will stretch jet fuel supplies even further in 2023.

☆ U.S. consumer prices increase in January; trend slowing
▼ + stars: | 2023-02-14 | by ( ) www.reuters.com time to read: +2 min

The consumer price index increased 0.5% last month after gaining 0.1% in December, the Labor Department said on Tuesday. Monthly inflation was boosted in part by rising gasoline prices, which increased 3.6% in January, according to data from the U.S. Energy Information Administration. The revisions, updated seasonal factors and new weights prompted some economists to bump up their CPI forecasts. In the 12 months through January, the CPI increased 6.4%. Excluding the volatile food and energy components, the CPI increased 0.4% after rising 0.4% in December.

☆ Bill Gates: Nuclear waste is not a reason avoid nuclear energy
▼ + stars: | 2023-02-10 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +3 min

Nuclear waste is not a reason to avoid using nuclear energy, according to Bill Gates, the Microsoft co-founder and philanthropist who more recently founded a next-generation nuclear energy startup, TerraPower. One common criticism of nuclear power is that nuclear reactors generate waste that stays radioactive for thousands of years. "The waste problems should not be a reason to not do nuclear," Gates said in an interview with the German business publication, Handelsblatt, published on Thursday. The volume of nuclear waste is very small, especially when compared to the energy generated, Gates said. But after a boom of nuclear power reactor construction in the 1970's and 1980's, the construction of new nuclear power generation came to a virtual standstill.

Brent crude settled up $1.40, or 1.7%, to $85.09 a barrel while U.S. West Texas Intermediate (WTI) crude settled up $1.33, or 1.7%, to $78.47. Investors hope less aggressive U.S. interest rate increases will help the world's biggest economy dodge a sharp economic slowdown or recession that would hit oil demand. "A looming oil demand surge together with lacklustre global supply growth will ensure that the oil balance tightens over the coming months," said Stephen Brennock of oil broker PVM. The earthquake that struck Turkey and Syria on Monday stopped crude oil flows from Iraq and Azerbaijan out of the Turkish port of Ceyhan. U.S. Energy Information Administration data showing U.S. oil production rose last week to the highest level since April 2020, however, limited oil's gains.

☆ Oil climbs 3rd day on subdued dollar, U.S. crude stocks' drop
▼ + stars: | 2023-02-08 | by ( Sonali Paul | ) www.reuters.com time to read: +2 min

The dollar index was down slightly at 103.29 in early trade, extending losses after Powell's comments on Tuesday, making oil cheaper for those holding other currencies. "If we have stronger than expected growth out of the developing world, (oil) prices will be firmer and OPEC will have to step up output. Supporting the market, weekly inventory data from the American Petroleum Institute industry group showed crude stocks fell by about 2.2 million barrels in the week ended Feb. 3, according to market sources. That defied expectations from nine analysts polled by Reuters, who had estimated crude stocks grew by 2.5 million barrels. The market will be looking to see if data from the U.S. Energy Information Administration, due at 1530 GMT, confirms the decline in crude stocks.

Brent crude futures were up $2.70, or 3.3%, to $83.69 a barrel, while U.S. West Texas Intermediate crude futures rose $3.03, or 4.1%, to $77.14 per barrel. The U.S. dollar index fell after the data, raising oil prices. The BTC terminal, which exports Azeri crude oil to international markets, will be closed through Wednesday. Iraqi crude oil loadings from storage in Ceyhan were ready for resumption on Tuesday, but bad weather was preventing vessels from berthing, a trade source said. Iraq's crude oil pipeline to Turkey's Ceyhan port was still halted, the Kurdistan Regional Government's energy ministry said.

☆ U.S. power use to slide in 2023 from record high on weaker economic activity
▼ + stars: | 2023-02-07 | by ( ) www.reuters.com time to read: +2 min

The statistical arm of the U.S. Department of Energy projected power demand will slide from a record 4,045 billion kilowatt-hours (kWh) in 2022 to 3,999 billion kWh in 2023, before rising to 4,063 billion kWh in 2024 as economic growth ramps up. That compares with an eight-year low of 3,856 billion kWh in 2020 when the coronavirus pandemic depressed demand. The EIA projected 2023 power sales would ease to 1,475 billion kWh for residential consumers, 1,373 billion kWh for commercial customers, and 1,001 billion kWh for the industrial sector. That compares with all-time highs of 1,516 billion kWh for residential consumers in 2022, 1,382 billion kWh in 2018 for commercial customers and 1,064 billion kWh in 2000 for industrial customers. Natural gas' share of power generation would hold at 39% in 2023, the same as 2022, before sliding to 37% in 2024, the EIA said.

The U.S. dollar index fell after the data, raising oil prices. Forecasted stronger demand in China also lifted crude prices on Tuesday. The BTC terminal, which exports Azeri crude oil to international markets, will be closed on Feb. 6-8. Iraqi crude oil loadings from storage in Ceyhan were ready for resumption on Tuesday, but bad weather was preventing vessels from berthing, a trade source with direct knowledge said. Iraq's crude oil pipeline to Turkey's Ceyhan port was still halted, the Kurdistan Regional Government's energy ministry said.

☆ U.S. crude output to rise in 2023, while demand to stay flat -EIA
▼ + stars: | 2023-02-07 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +1 min

Companies U.S. Energy Information Administration FollowNEW YORK/HOUSTON, Feb 7 (Reuters) - U.S. crude production will rise in 2023 even as demand flattens, the U.S. Energy Information Administration (EIA) said on Tuesday in its Short Term Energy Outlook. EIA's latest forecast calls for crude oil production to rise by 590,000 barrels per day, to 12.49 million barrels per day (bpd) in 2023, and by another 160,000 barrels to 12.65 million bpd next year. U.S. petroleum and other liquid fuels consumption will stay flat at 20.3 million bpd this year, the EIA said, while forecasting U.S. economy would contract slightly in the first six months. The agency also forecast Russian production of petroleum and other liquids would decline by about 1 million to 9.9 million bpd in 2023. Brent crude oil prices will decline in the second half of the year to about $82 per barrel from $85 per barrel in the first half as global oil production outpaces demand and leads to inventory builds, EIA added.

☆ U.S. natgas output to hit record high in 2023, demand to fall
▼ + stars: | 2023-02-07 | by ( ) www.reuters.com time to read: +2 min

EIA projected dry gas production will rise to 100.27 billion cubic feet per day (bcfd) in 2023 and 101.68 bcfd in 2024 from a record 98.09 bcfd in 2022. The agency also projected domestic gas consumption would fall to 87.04 bcfd in 2023 and 86.10 bcfd in 2024 from a record 88.63 bcfd in 2022. But EIA's latest projections for 2023 were higher than its February 2022 forecasts of 97.97 bcfd for supply and 83.85 bcfd for demand. The agency forecast average U.S. liquefied natural gas (LNG) exports would reach 11.78 bcfd in 2023 and 12.59 bcfd in 2024, up from a record 10.63 bcfd in 2022. That 2023 forecast was lower than the 12.06 bcfd EIA forecast in January due to the delayed restart of the Freeport LNG export plant in Texas.

☆ Bigger utilities to benefit most from Biden's clean-energy funds
▼ + stars: | 2023-02-07 | by ( Laila Kearney | ) www.reuters.com time to read: +3 min

The Biden administration's $430 billion Inflation Reduction Act devotes billions of dollars for tax credits and direct payments for solar, wind, battery and other energy sources to move electric power supplies from fossil fuels. Regulated utilities including Duke Energy Corp (DUK.N) and Dominion Energy Inc (D.N) begin reporting fourth-quarter results this week and analysts expect them to lay out plans for capitalizing on the IRA. NextEra, the biggest U.S. generator of renewable energy, has a backlog of 16,500 megawatts of renewables projects. The parent of Florida Power and Light has added 25% to that backlog in the last year, executives have said. Solar projects in sunny states in the south and southwest and wind projects in the Midwest are among the best situated to collect IRA dollars, she said.

☆ Mobility study cites roadblocks for U.S. electric vehicles, sustainable aviation
▼ + stars: | 2023-02-07 | by ( Paul Lienert | ) www.reuters.com time to read: +2 min

Among those roadblocks, a looming shortage of battery raw materials could put government mandates “in conflict with manufacturing reality” — one of the macro trends charted in the 2023 Moving World Report, published by investment firm UP.Partners. Obstacles to the acceleration of EV production and demand in the United States include ongoing turmoil in global supply chains, insufficient vehicle charging infrastructure and an overloaded electrical grid, the 120-page report said. The study is based on dozens of interviews and cites technical and financial data from research studies by the International Energy Agency, the U.S. Energy Information Administration, McKinsey, Silicon Valley Bank, Carnegie Mellon University and others. While aviation companies continue to pursue alternative technologies from batteries to hydrogen, Managing Partner Cyrus Sigari said that sustainable aviation fuel is “the only rational pathway” to reducing aviation carbon emissions over the next 20 years. Editing by Jane MerrimanOur Standards: The Thomson Reuters Trust Principles.

Distillate inventories amounted to 118 million barrels on Jan. 27, which was 24 million barrels (-17% or -1.43 standard deviations) below the prior ten-year seasonal average. The inventory deficit has narrowed from 31 million barrels (-22% or -2.05 standard deviations) on Oct. 7 (“Weekly petroleum status report”, U.S. Energy Information Administration, Feb. 1). Chartbook: U.S. distillate fuel oil inventoriesBy contrast, distillate consumption has been restrained by high prices and the marked slowdown in the industrial economy. Growth in distillate consumption peaked in late 2021 and has been weakening steadily since then, with consumption down year-on-year in most months since April 2022. Related columns:- U.S. manufacturing is in recession (Reuters, February 1, 2023)- Recession now or later?

☆ Oil prices settle steady on higher U.S. demand, weaker dollar
▼ + stars: | 2023-01-31 | by ( ) www.cnbc.com time to read: +2 min

Oil prices closed steady on Tuesday after recovering from a near three-week low, drawing support from a weakening dollar and on data showing that demand for U.S. crude and petroleum products rose in November. The more active second-month Brent contract settled at $85.46 a barrel, up 96 cents or 1%, while the U.S. West Texas Intermediate crude futures settled at $78.87 a barrel, up 97 cents or 1.3%. Crude benchmarks were also supported by a weaker U.S. dollar, UBS analyst Giovanni Staunovo said. However, Tuesday's weakness in front-month Brent prices may cause concern in the group, Yawger said. This widened the contango in the market, which occurs when futures prices show a commodity's price is expected to be much higher in the future.

Companies U.S. Department of Energy FollowNEW YORK, Jan 26 (Reuters) - The U.S. Department of Energy (DOE) on Thursday will announce over $100 million in funding to expand U.S. biofuels production, as the Biden administration works to cut greenhouse gas emissions from transportation and meet climate goals, the department told Reuters. The department plans to award $118 million to 17 projects designed to accelerate the production of biofuels, which can be made from biomass including agricultural waste, soybean oil and animal fats. The DOE's funding includes awards to universities and private companies ranging from $500,000 to $80 million for various pre-pilot, pilot and demonstration projects, the department said. About 16.8 billion gallons of biofuels were consumed in the United States in 2021, according to the U.S. Energy Information Administration. The Biden administration has said biofuels will be needed to lower emissions, including in the aircraft industry with lower-carbon sustainable aviation fuel.

☆ Oil slips as U.S. inventory rise offsets China hopes
▼ + stars: | 2023-01-25 | by ( Alex Lawler | ) www.reuters.com time to read: +2 min

The price of crude has rallied this year on the ending of China's COVID controls and hopes that the rise in U.S. interest rates will soon taper off. Still, some analysts said the speed of China's actual demand rebound looks uncertain. "Whether or not oil prices can resume their march higher will depend on how quickly China's crude demand bounces back this quarter," said Stephen Brennock of oil broker PVM. An OPEC+ panel is likely to endorse the group's current policy at a Feb. 1 meeting, five OPEC+ sources said on Tuesday. OPEC+ in October decided to trim output by 2 million barrels per day from November through 2023 on a weaker economic outlook.

TOKYO/SINGAPORE, Jan 25 (Reuters) - Crude oil prices inched higher on Wednesday as optimism for a demand recovery in China and expectations that major producers will maintain current output policy offset global recession worries. U.S. West Texas Intermediate (WTI) crude climbed 7 cents, or 0.1%, to $80.20, after a 1.8% drop on Tuesday. An OPEC+ panel is likely to endorse the producer group's current oil output policy when it meets next week, five OPEC+ sources said on Tuesday, as hopes for higher Chinese demand are balanced by worries over inflation and the global economy. OPEC+ in October decided to trim output by 2 million barrels per day from November through 2023 on a weaker economic outlook. However, gains in oil prices were capped by a bigger-than-expected build in U.S. oil inventories that was reported after the market settled on Tuesday.

TOKYO/SINGAPORE, Jan 25 (Reuters) - Crude oil edged up on Wednesday as optimism for demand recovery in China and a likely unchanged output cut decision by major oil producers offset global recession worries. Brent crude rose 22 cents, or 0.3%, to $86.35 per barrel by 0501 GMT after falling 2.3% in the prior session. An OPEC+ panel is likely to endorse the producer group's current oil output policy when it meets next week, five OPEC+ sources said on Tuesday, as the hopes for higher Chinese demand are balanced by worries over inflation and the global economy. OPEC+ in October decided to trim output by 2 million barrels per day from November through 2023 on a weaker economic outlook. However, gains in oil prices were capped by a bigger-than-expected build in U.S. oil inventories that was reported after the market settled on Tuesday.

☆ Oil rebounds as China demand recovery optimism supports prices
▼ + stars: | 2023-01-25 | by ( Yuka Obayashi | ) www.reuters.com time to read: +2 min

TOKYO, Jan 25 (Reuters) - Crude oil prices rebounded on Wednesday as demand recovery hopes in top importer China following its exit from COVID-19 pandemic curbs provided support after prices dropped in the previous session on concerns about global economic growth. Brent crude futures gained 59 cents, or 0.7%, to $86.72 per barrel by 0214 GMT after falling 2.3% in the previous session. U.S. West Texas Intermediate (WTI) crude futures rose 46 cents, or 0.6%, to $80.59 per barrel, having dropped 1.8% on Tuesday. The economic worries were exacerbated by a bigger-than-expected build in U.S. oil inventories that was reported after the market settled on Tuesday. That was triple the build of about 1 million forecast in a preliminary Reuters poll on Monday.

☆ Oil falls $2/barrel on economic jitters, U.S. crude stock build
▼ + stars: | 2023-01-24 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +3 min

The U.S. economy "still could roll over and some energy traders are still sceptical on how quickly China's crude demand will bounce back this quarter," OANDA analyst Edward Moya said in a note. Euro zone business activity made a surprise return to modest growth in January, S&P Global's flash Composite Purchasing Managers' Index (PMI) showed. Crude oil prices in physical markets have started the year with a rally on increased buying from China after the relaxation of pandemic controls and on trader concern that sanctions on Russia could tighten supply. U.S. oilfield services firm Halliburton Co (HAL.N) said its shale oil-well fracking equipment remains fully booked with oil prices driving increased drilling. Investors have also piled back into petroleum futures and options at the fastest rate for more than two years as concerns over a global business cycle downturn eased.

☆ Oil prices rally to highest close since Dec. 1 on China optimism
▼ + stars: | 2023-01-19 | by ( ) www.cnbc.com time to read: +2 min

Smoke rises from a Saudi Aramco oil facility in Saudi Arabia's Red Sea coastal city of Jeddah, on March 26, 2022. Oil prices settled 1% higher on Thursday, extending a recent rally built around rising Chinese demand, while the market wrote off a second straight week of large builds in U.S. crude inventories. Oil prices were down by more than a dollar per barrel earlier in Thursday's session, as traders booked profits and U.S. data showed the economy losing momentum. Both oil benchmarks hit their highest level in more than a month on Tuesday. "All roads seem to lead back to the same input - rising Chinese demand," said John Kilduff, partner at Again Capital LLC in New York.

Summary China's reopening set to drive record 2023 oil demand -IEAChinese oil demand to rebound in 2023 -OPECRecord U.S. shale oil output seen in Feb -EIAAPI reports due at 4.30 p.m. ET (2130 GMT)LONDON, Jan 18 (Reuters) - Oil prices rose on Wednesday to their highest since early December on optimism that the lifting of China's strict COVID-19 curbs will lead to a fuel demand recovery in the world's top oil importer. China's economic growth slowed sharply to 3% in 2022, missing the official target of "around 5.5%" and marking its second-worst performance since 1976. Analysts polled by Reuters see 2023 growth rebounding to 4.9%. But OPEC kept its 2023 global demand growth forecast unchanged.

Summary OPEC says Chinese oil demand to rebound in 2023 after dropU.S. shale oil output set to rise in Feb to record -EIARussia sees sanctions impact on oil products -senior sourceJan 18 (Reuters) - Oil prices rose on Wednesday, extending the previous session's gains, driven by optimism that the lifting of China's strict COVID-19 curbs will lead to a recovery in fuel demand in the world's top oil importer. U.S. West Texas Intermediate (WTI) crude futures rose 68 cents, or 0.85%, to $80.56, having risen 0.4% on Tuesday. China's economic growth slowed sharply to 3% in 2022, missing the official target of "around 5.5%" and marking its second-worst performance since 1976. But OPEC kept its 2023 global demand growth forecast unchanged at 2.22 million bpd. Russia, meanwhile, expects Western sanctions to have a significant impact on its oil product exports and its production, likely leaving it with more crude oil to sell, said a senior Russian source with knowledge of the nation's outlook.

☆ Oil prices extend gains on optimism over China's fuel demand recovery
▼ + stars: | 2023-01-18 | by ( Yuka Obayashi | ) www.reuters.com time to read: +3 min

Summary OPEC says Chinese oil demand to rebound in 2023 after dropU.S. shale oil output set to rise in Feb to record -EIARussia sees sanctions impact on oil products -senior sourceTOKYO, Jan 18 (Reuters) - Oil prices rose on Wednesday, extending the previous session's gains, driven by optimism that a relaxation of China's strict COVID-19 curbs will lead to a recovery in fuel demand in the world's top oil importer. China's gross domestic product expanded 3% in 2022, missing the official target of "around 5.5%" and marking its second-worst performance since 1976. But OPEC kept its 2023 global demand growth forecast unchanged at 2.22 million bpd. "Growing hopes that China's fuel demand will pick up after a recent shift in its COVID-19 policy lent support to oil prices," said Toshitaka Tazawa, an analyst at Fujitomi Securities Co Ltd."OPEC's optimistic outlook on China's demand also supported the market sentiment," he said, predicting a bullish tone for this week. Russia, meanwhile, expects Western sanctions to have a significant impact on its oil product exports and its production, likely leaving it more crude oil to sell, said a senior Russian source with knowledge of the nation's outlook.

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