U.S. Power Use, China Refined Product Exports: Your Daily Energy News

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Energy Market highlights gathered by Industrial Info and IIR Energy

POWER
U.S. Power Use to Hit Record in 2022 - U.S. power consumption will rise to a record high in 2022 because of increasing economic activity and hotter summer weather, the U.S. Energy Information Administration (EIA) said in its Short-Term Energy Outlook on Tuesday. The EIA projected power demand will climb to 4,036 billion kilowatt-hours (kWh) in 2022, from 3,930 billion kWh in 2021, before sliding to 3,989 billion kWh in 2023 as temperatures moderate. (Reuters)

NATURAL GAS
U.S. Natural Gas Drops Nearly 12% - U.S. natural gas futures dropped about 12% on Tuesday in what has already been an extremely volatile couple of weeks on forecasts for less cold weather and lower heating demand through late November than previously expected. Front-month gas futures fell 80.6 cents, or 11.6%, to settle at $6.138 per million British thermal units. That was the biggest one-day percentage drop since June 30 when it fell by about 16%. On Monday, the contract gained about 9% to settle at its highest since October 6. (Reuters)

REFINING
Chinese Refiners Prepare to Boost Exports - China's refined oil product exports in November are set to hit the highest since April 2020 as refiners ramp up output to multi-month highs to boost diesel supply and profit. China's crude oil throughput could rise by up to 500,000 barrels per day, or 4% this month over October, as two new refineries prepare to start operations. Diesel exports may reach 1.8 million to 2.2 million metric tons for the month, the highest since June 2021, according to estimates by Wood Mackenzie, JLC and Refinitiv, as refiners are lured by diesel refining profits that have more than tripled in Asia this year. Gasoline exports could rise to as much as 2 million metric tons--a level last seen two years ago. (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).