U.S. Power Use, OPEC Oil Demand Forecast: Your Daily Energy News

---

Energy Market highlights gathered by Industrial Info and IIR Energy

POWER
EIA: U.S. Power Use to Rise to Record High This Year - U.S. power consumption will rise to a record high in 2022 due to rising economic activity and hotter summer weather, the U.S. Energy Information Administration (EIA) said in its Short-Term Energy Outlook on Wednesday. The EIA projected power demand will climb to 4,034 billion kilowatt-hours (kWh) in 2022, from 3,930 billion kWh in 2021, then slide to 4,001 billion kWh in 2023 as temperatures moderate. (Reuters)

CRUDE OIL
OPEC Cuts 2022, 2023 Oil Demand Growth Forecast -- The Organization of the Petroleum Exporting Countries (OPEC) on Wednesday cut its 2022 forecast for growth in world oil demand for a fourth time since April and also trimmed next year's figure, citing slowing economies, the resurgence of China's COVID-19 containment measures and high inflation. Oil demand will increase by 2.64 million barrels per day (BBL/d), or 2.7%, in 2022, OPEC said in a monthly report, down 460,000 BBL/d from the previous forecast. (Reuters)

NATURAL GAS
German Natural Gas Storage Facilities Hit November Target Early - Germany's natural gas storage levels came within its 95% goal for November 1 three weeks ahead of schedule, according to data from Brussels-based infrastructure group GIE, as the country braces for its first winter without Russian gas in decades. According to the data updated on Wednesday, German gas storage levels stood at 94.97% on October 11. (Reuters)

.....

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).