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Significantly colder-than-normal temperatures in the Lower 48 states in late January through mid-February resulted in increased heating demand for natural gas in the United States, despite an otherwise warmer-than-normal winter. As a result, the winter had larger-than-average winter natural gas withdrawals. Before the cold snap, winter temperatures had been relatively mild, but a combination of increased heating demand, record liquefied natural gas (LNG) and pipeline exports, and decreased natural gas production contributed to the withdrawal activity during February.
The rapid development of shale gas resources in Pennsylvania, Ohio, and West Virginia has contributed to sustained low natural gas prices and encouraged the construction of natural gas-fired power plants. About one-third of the new natural gas-fired generating capacity built in the United States since 2010 is located in PJM Interconnection (PJM), the grid operator for all or parts of 13 states in the mid-Atlantic region, including Pennsylvania, Ohio, and West Virginia. In 2020, the utilization rate, called capacity factor, of natural gas-fired combined-cycle (NGCC) units built from 2010 to 2020 in PJM was 71%, which was higher than that of older units in the region.
EIA forecasts U.S. crude oil production in the U.S. Federal Gulf of Mexico (GOM) to increase in the next two years, according to the latest Short-Term Energy Outlook (STEO). By the end of 2022, 13 new projects could account for about 12% of total GOM crude oil production, or about 200,000 barrels per day (b/d).
In 2020, Georgia generated 5.8 million megawatthours (MWh) of electricity from biomass, or about 10% of the nation's total, the second most of any state according to EIA's Electric Power Monthly. Almost 5% of Georgia's in-state electricity generation in 2020 came from biomass, mostly wood and wood-derived fuels, a share that ranked sixth in the nation. Biomass accounted for nearly half of Georgia's total renewable electricity generation in 2020.
Based on data in EIA's Monthly Energy Review, energy-related carbon dioxide (CO2) emissions decreased by 11% in the United States in 2020 primarily because of the effects of the COVID-19 pandemic and related restrictions. U.S. energy-related CO2 emissions fell in every end-use sector for the first time since 2012.
Rystad Energy has revealed that its latest forecast projects a six percent year on year increase in oil demand in 2021.
Here are some of Rigzone's top upstream stories during the last week, just in case you missed them...
Oil posted the biggest weekly gain since early March.
Here is a review of oil and gas market hits and misses for the week ending April 16, 2021.
Wood Mackenzie has highlighted that under its Accelerated Energy Transition Scenario (AET-2), oil demand will drop significantly, and with it, oil prices.