How much crude oil will the U.S. produce?

According to the eia article U.S. crude oil production will increase to new records in 2023 and 2024 by  Matthew French, Alexander DeKeyserling, Naser Ameen (1/25/2023):

…we forecast that crude oil production in the United States will average 12.4 million barrels per day (b/d) in 2023 and 12.8 million b/d in 2024, surpassing the previous record of 12.3 million b/d set in 2019.

What about prices?

We forecast the U.S. benchmark West Texas Intermediate (WTI) crude oil price will average $77 per barrel (b) in 2023 and $72/b in 2024, down from $95/b in 2022. Despite declining crude oil prices, we expect the WTI price will remain high enough to support crude oil production growth, especially in the Permian, where data from the Dallas Fed Energy Survey indicate that average breakeven prices range from $50/b to $54/b.

There are links to the data at the bottom of the page.

How hot was Dec 2022?

From NOAA’s December 2022 Global Climate Report:

December 2022 ranked as the eighth-warmest December in NOAA’s 143-year record. The December global surface temperature was 1.44°F (0.80°C) above the 20th-century average of 54.0°F (12.2°C). December 2022 marked the 46th consecutive December and the 456th consecutive month with temperatures, at least nominally, above the 20th-century average.

Highlights:

December in Africa tied 2016 to rank as second warmest on record.

December in Italy ranked second-warmest on record.

The United Kingdom had a cooler-than-average December—the only month of 2022 to have a below-average monthly temperature.

Links for the time series data at the top of the page.

Which state grew the fastest in 2022?

You probably looked at the graph already and know the answer, Florida. The graph is from the Census Bureau article New Florida Estimates Show Nation’s Third-Largest State Reaching Historic Milestone by Marc Perry, Luke Rogers and Kristie Wilder (12/22/2022). This leaves us with more questions than answers, which we’ll get to. First,

After decades of rapid population increase, Florida now is the nation’s fastest-growing state for the first time since 1957, according to the U.S. Census Bureau’s Vintage 2022 population estimates released today.

Florida’s population increased by 1.9% to 22,244,823 between 2021 and 2022, surpassing Idaho, the previous year’s fastest-growing state.

Florida wins by percent but did Florida add the most population?

Increasing by 470,708 people since July 2021, Texas was the largest-gaining state in the nation, reaching a total population of 30,029,572. By crossing the 30-million-population threshold this past year, Texas joins California as the only states with a resident population above 30 million. Growth in Texas last year was fueled by gains from all three components: net domestic migration (230,961), net international migration (118,614), and natural increase (118,159).

Florida was the fastest-growing state in 2022, with an annual population increase of 1.9%, resulting in a total resident population of 22,244,823.

If Florida grew by 1.9% and was the fastest, what was the U.S. growth?

After a historically low rate of change between 2020 and 2021, the U.S. resident population increased by 0.4%, or 1,256,003, to 333,287,557 in 2022, according to the U.S. Census Bureau’s Vintage 2022 national and state population estimates and components of change released today.

The last two quotes are from the Census Bureau press release Growth in U.S. Population Shows Early Indication of Recovery Amid COVID-19 Pandemic (12/22/2022). Plenty of QL uses for these articles and you can follow the link in the last quote for data.

How expensive is fertilzer?

The world ban blog looks at fertilizer prices in the post Fertilizer prices ease but affordability and availability issues linger by John Baffes and Wee Chian Koh (1/5/2023).  In Europe

The sharp increase in natural gas prices in Europe has led to widespread production cutbacks in ammonia—an important input for nitrogen fertilizers. As of October 2022, about 70% of European ammonia production capacity had been reduced or shut down.  However, input costs have declined in recent months due to increase imports of liquefied natural for national reserves in Europe as well as expectations of a milder winter. This could allow some shuttered nitrogen fertilizer production facilities in Europe to resume operations.

In China

Supply concerns have been exacerbated by China’s extension of export restrictions on fertilizers until the end of 2022 in order to maintain domestic availability. DAP exports from China, which accounts for 30% of global trade in DAP, fell by nearly 50% (y/y) during the first ten months of 2022. Meanwhile, Chinese urea exports declined by about 60% (y/y) over the same period.

There are four graphs and a link to the Commodity Markets page that has a bunch of data.

How much do your legos cost?

The cost of legos vary around the globe and the article The Countries that Pay the Most and Least for Lego by Jess Peace.

But LEGO also tells a tiny tale about world economics. The price of LEGO differs depending on the country where you shop. In fact, TheToyZone found a 744% difference between the average price of LEGO in the most and least expensive markets.

We researched the prices of eight popular LEGO sets in marketplaces across roughly 200 countries where new LEGO sets are sold and totaled up the average price for each territory. Then we converted our findings to US dollars and ranked the final figures to uncover the countries that pay more for their LEGO.

There are a bunch of graphics like the one copied here and you can zoom in to read all the prices. One has to appreciate the graphics and there is good QL info in the article.

I’m going to officially take a couple of weeks off. I passed 500 post this year and I’ve only missed a few of my biweekly posts. I’ll be back in 2023.

What should we know about oil markets?

The World Bank blog post Oil prices remain volatile amid demand pessimism and constrained supply  by Peter Nagle and Kaltrina Temaj (12/16/2022) is a overview of the oil market. There are seven graphs but one, U.S. strategic reserves, caught my attention and is copied here.

The United States and other OECD countries have released large amounts of oil from their strategic reserves, equal to about 1mb/d since March.  These releases have sharply reduced the level of strategic reserves—for example, the U.S. Strategic Petroleum Reserve (SPR) is currently at its lowest level since 1984—reducing available buffers in the event of future disruptions to supply. Conversely, the U.S. administration has announced it intends to start to refill the SPR at a price of about $70/bbl, potentially putting a floor under prices.

One other fact of interest:

OPEC+ members agreed to cut their production target by 2 million barrels per day starting in November 2022 and lasting through end-2023.  The actual reduction in production in November was much smaller than that (around 0.5 mb/d), largely because many members were already producing well below their target due to operational issues and capacity constraints. Indeed, even after the reduction in the production target, the group’s actual production was still short by 1.7mb/d. Spare production among the group remains low by historical standards, at around 3.5 mb/d or 3.5 percent of global oil demand.

Ample quantitative information in the article along with rates for calculus. There aren’t links to data but the sources are cited and shouldn’t be too hard to find.

How hot was Nov 2022?

From NOAA’s November 2022 Global Climate Report:

The November 2022 global surface temperature departure was the ninth highest for November in the 143-year record at 0.76°C (1.37°F) above the 20th century average of 12.9°C (55.2°F). Despite ranking among the ten warmest Novembers on record, this November was the coolest November since 2014. November 2022 marked the 46th consecutive November and the 455th consecutive month with temperatures, at least nominally, above the 20th century average.

A few of highlights:

Europe tied 2000 for its third-warmest November on record.

The contiguous U.S. had a November that was 0.7°F cooler than average.

However, New Zealand recorded its warmest November on record according to its state meteorological agency. The warmest three Novembers in New Zealand have all occurred since 2019.

Time series data is available near the top of the page.

 

 

How much natural gas does the industrial sector use?

The eia post Natural gas consumption in the industrial sector has grown slowly in recent years by Mike Kopalek (12/12/2022) provides the graph copied here. What may be more interesting is what all this natural gas is used for. A few highlights:

Natural gas used to produce fertilizer is one of the largest chemical feedstocks.

Methanol (CH3OH), a natural gas-derived substance that’s widely used as a precursor for chemical derivatives, is another one of the largest chemical feedstock uses for natural gas. In recent years, the United States added significant methanol production capacity, particularly in Texas and Louisiana.

Crude oil refineries are an important natural gas consumer as well, accounting for about 14% of all industrial natural gas consumption in 2021.

Read the article for the details. There are links to the data source.