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U.S. imports of biomass-based diesel, which include biodiesel and renewable diesel, grew 26% in 2019 to more than 27,000 barrels per day (b/d), reversing three years of decline. Imports of biomass-based diesel increased in 2019 because of the increase in renewable diesel imports from Singapore.
Interruptions in electricity service vary in frequency and duration across the nearly 3,000 electric distribution systems in the United States. Power interruptions are caused by many factors, including weather, vegetation patterns, and utility practices. In 2018, power outage durations for U.S. electricity customers averaged 5.8 hours per customer.
The 729,000 vehicles sold in the United States in April 2020 amounted to the lowest total since early 2010. The seasonally adjusted annual rate (SAAR) of light-duty vehicle sales in April is the lowest in the U.S. Bureau of Economic Analysis data series that dates back to 1976. Car sales have fallen by a larger percentage than light truck sales: in April, car sales were down 59% from the previous April, and light truck sales were down 42%. These changes in the makeup of vehicle sales have implications for fuel economy because cars tend to use less fuel per mile traveled than light trucks.
In 2019, U.S. annual energy consumption from renewable sources exceeded coal consumption for the first time since before 1885, according to the U.S. Energy Information Administration's (EIA) Monthly Energy Review. This outcome mainly reflects the continued decline in the amount of coal used for electricity generation over the past decade as well as growth in renewable energy, mostly from wind and solar. Compared with 2018, coal consumption in the United States decreased nearly 15%, and total renewable energy consumption grew by 1%.
The New York Mercantile Exchange (NYMEX) front-month futures contract for West Texas Intermediate (WTI), the most heavily used crude oil price benchmark in North America, saw its largest and swiftest decline ever on April 20, 2020, dropping as low as -$40.32 per barrel (b) during intraday trading before closing at -$37.63/b. Prices have since recovered, and even though the market event proved short-lived, the incident is useful for highlighting the interconnectedness of the wider North American crude oil market.
Futures settled at their highest since March 6 on Tuesday.
Vladimir Putin and Donald Trump discussed the OPEC+ deal just days before the producers' alliance meets to discuss the future of its output cuts.
Oil edged higher as the market waited to see if OPEC and its allies will extend record production curbs.
Oil futures settled slightly lower in New York on Monday amid mixed signals from OPEC and its confederates about the timing of their next discussions.
Rigzone panelists offer their recommendations on what to watch in the oil market this week.