Last year, U.S. consumption of renewable energy reached a record 11.5 quadrillion British thermal units (Btu), or 11 percent of total U.S. energy consumption, the EIA has estimated.
Rallying from a 7-week low in the prior session, natural gas futures rose more than 15% on Wednesday afternoon as the demand outlook for natural gas improves.
Oil prices rallied after touching multi-decade lows in April, but they have been stuck in a narrow trade band for 2 months now as the pent-up U.S. demand rebound in June has fizzled out with flattening fuel consumption that continues to struggle to reach pre-pandemic levels.
A crude oil inventory draw of 1.6 million barrels sent oil prices higher today, with the EIA also reporting a fall in gasoline inventories and a modest build in distillate fuel inventories.
When OPEC and Russia shook on increasing crude oil production by a million barrels daily to stop the oil price climb that had begun getting uncomfortable for consumers from Asia to the United State
Big Oil is due for a disruption. The world's most important industry has been carrying on without any significant changes in its day to day routine for far too long.
