U.S. Power Use, Natural Gas Demand: Your Daily Energy News

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News highlights gathered by Industrial Info and IIR Energy (Sugar Land, Texas) dealing with the energy markets.

POWER
EIA: U.S. Power Use Expected to Reach New Highs in 2024 and 2025 - U.S. power consumption is on track to rise to new records in 2024 and 2025, the U.S. Energy Information Administration (EIA) said in its Short-Term Energy Outlook on Tuesday. The EIA projected power demand will rise to 4,101 billion kilowatt-hours (kWh) in 2024 and 4,185 billion kWh in 2025. That compares with 4,000 billion kWh in 2023 and a record 4,067 billion kWh in 2022. (Reuters)

CRUDE OIL
OPEC Lowers 2024 Oil Demand Growth View - OPEC on Tuesday cut its forecast for global oil demand growth in 2024 reflecting data received so far this year and also trimmed its expectation for next year, marking the group's second consecutive downward revision. On Tuesday, OPEC in a monthly report said world oil demand will rise by 2.03 million barrels per day (BBL/d) in 2024, down from growth of 2.11 million BBL/d expected last month. Until last month, OPEC had kept the forecast unchanged since it was first made in July 2023. (Reuters)

NATURAL GAS
EIA: U.S. Natural Gas Output to Decline in 2024 While Demand Rises - U.S. natural gas production will decline in 2024 while demand will rise to a record high, the EIA said in its Short-Term Energy Outlook. The EIA projected dry gas production will ease from a record 103.8 billion cubic feet per day (Bcf/d) in 2023 to 103.4 Bcf/d in 2024 as several producers reduce drilling activities after spot gas prices at the Henry Hub benchmark fell to 25-year lows in March. In 2025, EIA projected output would rise to 104.8 Bcf/d. The agency also projected domestic gas consumption would rise from a record 89.1 Bcf/d in 2023 to 89.9 Bcf/d in 2024 before easing to 89.5 Bcf/d in 2025. (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).