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27 Mar 2025
28 Jun 2019 | 19:52 UTC — Insight Blog
Featuring Emma Slawinski
Moving into high summer, US energy markets were taking stock of trends in power generation amid low gas prices.
The US Henry Hub gas benchmark recently traded at historic lows, and with forward prices suggesting little upside, the fuel is likely to seeincreased demand from power plants this summer.
According to S&P Global Platts Analytics, even average seasonal temperatures in July and August could lift demand for power burn as much as 2-3 Bcf/d over last summer, assuming gas prices remain near current lows.
Meanwhile, US coal burn continues to decline, falling to a 47-year low in April, according to the IEA. Several analysts expect the share of coal-fired generation to shrink dramatically in the coming decades.
Bloomberg New Energy Finance forecast earlier this month that coal would practically disappear from the US power mix by 2050. S&P Global Platts Analytics’ forecasts show average monthly coal output falling to less than 6% in 2040 from about 29% in 2018.
European energy sector stakeholders had their eye on opportunities generated by the accelerating global energy transition. Delegates at a June 25 UK event on offshore wind heard how European energy companies are leveraging their skills and expertise to pursue wind power developments in Asia, where renewables are seeing fast-paced growth.
And decarbonization efforts in the UK notched up a new milestone on June 27, as Tata Chemicals Europe announced plans to build the country’s first industrial-scale Carbon Capture and Usage demonstration plant.
The project is one of several being supported by a grant from the UK Department of Business, Energy and Industrial Strategy through the government's CCU Demonstration Program.
Click for full-size infographic
Closure of the Philadelphia Energy Solutions refinery will raise prices for the US Atlantic Coast gasoline during this summer's driving season, with European refiners the likely candidates to fill the supply gap left by the shutdown of the 335,000 b/d refinery, analysts said.
Talks between US President Donald Trump and China's Xi Jinping at the G20 summit will be insufficient to restore long-term Chinese oil and gas investment in US LNG, which has now suffered lasting damage.
Singapore delivered bunker term contract prices for 0.5% marine fuel have been rising steadily since debuting in February, outpacing expectations in some cases, as the industry gears up for the new 0.5% sulfur limit in 2020, market sources said this week.
– Sanjiv Singh, chairman of state-run Indian Oil Corp., discussed the risk of disrupted crude transit via the Strait of Hormuz, in an interview with S&P Global Platts.