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Wind capacity in the United States has increased significantly over the past decade, from 40.1 gigawatts (GW) in January 2011 to 118.3 GW at the end of 2020. This wind capacity growth was mostly concentrated in the middle of the country.
In our June 2021 Short-Term Energy Outlook (STEO), we forecast U.S. natural gas prices to increase during 2021 and 2022 from 2020 prices as a result of expected growth in natural gas consumption and natural gas exports that outpace expected growth in production and imports. We also forecast the 2021 Henry Hub natural gas spot price to average $3.07 per million British thermal units (MMBtu), an increase of $1.04/MMBtu from the record lows of 2020.
Coal stockpiles at U.S. power plants decreased significantly from December 2020 to February 2021, including a draw of nearly 16 million tons in February 2021. February’s draw was the largest monthly coal inventory decrease since July 2011, when stocks were drawn down by 18 million tons.
Our June Short–Term Energy Outlook (STEO) estimated that production of dry natural gas in the United States averaged 92.2 billion cubic feet per day (Bcf/d) during May 2021, compared with 87.8 Bcf/d in May 2020. The record high for U.S. natural gas production was set in December 2019, when dry production averaged 97.0 Bcf/d. Aside from February 2021, when weather–related well freeze–offs contributed to natural gas production shut ins, May 2020 marked the low point for U.S. natural gas production so far during the pandemic. As a result of COVID–19 mitigation efforts and warmer weather, natural gas demand diminished, which lowered prices. We expect dry natural gas production to continue to grow in the United States through the end of 2022, averaging about 94.8 Bcf/d for November and December 2022.
In 2020, consumption of renewable energy in the United States grew for the fifth year in a row, reaching a record high of 11.6 quadrillion British thermal units (Btu), or 12% of total U.S. energy consumption. Renewable energy was the only source of U.S. energy consumption that increased in 2020 from 2019; fossil fuel and nuclear consumption declined. Our U.S. renewable energy consumption by source and sector chart shows how much renewable energy by source each sector consumes.
The bosses of some of the world's biggest oil companies said crude prices are likely to keep rising because a lack of investment will curtail future supply.
Industry body Oil & Gas UK is conducting one of the industry's biggest ever listening exercises.
Oil slid with reports that Russia and other OPEC+ nations are considering raising production.
Oil could top $100 a barrel in the next 12 to 18 months, according to the world's second-largest independent oil trader.
Oil retreated after hitting $75 a barrel in London for the first time in over two years.