BP Earnings Hit, Rising U.S. Power Consumption: Your Daily Energy News

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Energy Market highlights gathered by Industrial Info and IIR Energy

EARNINGS REPORTS
BP Warns Refining Margins to Lower 2Q Earnings - Weak refining margins and lower oil trading results will dent BP's (NYSE:BP) (London, England) second-quarter profit by up to $700 million, the company said on Tuesday. The company said refining margins will be significantly lower in the quarter due to weak diesel prices and narrower North American heavy crude oil differentials that impact its large refinery in Whiting, Indiana. (Reuters)

NATURAL GAS
EIA: U.S. Natural Gas Output to Decline in 2024 - U.S. natural gas production will decline in 2024 while demand will rise to a record high, the U.S. Energy Information Administration (EIA) said in its Short-Term Energy Outlook on Tuesday. The EIA projected dry gas production will ease from a record 103.8 billion cubic feet per day (Bcf/d) in 2023 to 103.5 Bcf/d in 2024 as several producers reduce drilling activities after gas prices fell to 3-1/2-year lows in February and March. The agency also projected domestic gas consumption would rise from a record 89.1 Bcf/d in 2023 to 89.4 Bcf/d in 2024. (Reuters)

POWER
U.S. Power Use to Reach Record Highs in 2024, 2025 - U.S. power consumption will rise to record highs in 2024 and 2025, the U.S. Energy Information Administration (EIA) said. The EIA projected power demand will rise to 4,123 billion kilowatt-hours (kWh) in 2024 and 4,198 billion kWh in 2025. That compares with 4,000 billion kWh in 2023 and a record 4,067 billion kWh in 2022. (Reuters)

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About IIR Energy
Energy asset information on power plants, oil refineries and natural gas infrastructure is now more important than ever. A unit of Industrial Info Resources, IIR Energy provides infrastructure information on these assets, as well as real-time tracking of planned and unplanned interruptions affecting the commodity-trading community. We are the number one source for information about power plant outages, refinery turnarounds and midstream natural gas disruptions.

About Industrial Info
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 trillion (USD).