Aenert news. Energy Market & Energy Statistics
In the third quarter of the outgoing year, according to the U.S. Bureau of Economic Analysis, real US GDP grew by 3.1%. In the same quarter last year, this figure was significantly higher (4.4%), and in the previous quarter it was recorded at 3.0%.
Over the past two years, the average quarterly GDP was 3.3%. According to the above-mentioned source, the acceleration of real GDP in 2024Q3 was primarily due to "...accelerations in exports, consumer spending, and federal government spending."
The decline in private investment and a greater decline in fixed investment in the residential sector, as well as the acceleration of imports, contributed to a partial compensation for this process. The largest contribution to Percent Change in Real GDP was made by the following industrial groups (private services): Retail trade (1.1%), Health care (0.35%), Information (0.33%), Professional, scientific, and technical services (0.29%).
Below we also traditionally present a brief analysis of the main energy indicators for 2024Q3 according to the recently released Monthly Energy Review of the US Energy Information Administration.
Real gross domestic product (GDP) in the US, 2022 Q2 - 2024 Q3, %
Source: U.S. Bureau of Economic Analysis
In the US, the average quarterly field production of crude oil in 2024Q3 was 13,252 thousand barrels per day. In August, a new historical record of crude oil production was reached - 13,361 thousand barrels per day. However, in October, daily production was even higher. Also in August, Refinery and Blender Net Inputs were also the highest - 19,366 thousand barrels per day.
Production of energy products in the US, 2023 Q3 - 2024 Q3
| Energy Indicator/Q | 2023 Q3 | 2023 Q4 | 2024 Q1 | 2024 Q2 | 2024 Q3 |
|---|---|---|---|---|---|
| Crude Oil, Field Production (Thousand Barrels per Day) | 13058 | 13284 | 12947 | 13217 | 13252 |
| Crude Oil, Refinery and Blender Net Inputs (Thousand Barrels per Day) | 18915 | 18247 | 17601 | 19025 | 19052 |
| Dry Natural Gas Production (Billion Cubic Feet) | 9571 | 9712 | 9459 | 9293 | 9493 |
| Natural Gas Exports, Total (Billion Cubic Feet) | 1894 | 2016 | 1985 | 1839 | 1897 |
| Coal Production (Thousand Short Tons) | 145605 | 143373 | 126399 | 118083 | 136177 |
| Electricity Net Generation (Billion Kilowatthours) | 1208 | 998 | 1024 | 1045 | 1213 |
Source: Based on U.S. Energy Information Administration
In the third quarter, natural gas production fell significantly year-on-year. However, natural gas exports increased, albeit slightly. This trend is a concern, since a cold winter could lead to gas shortages for utilities.
Another historical energy record was broken in the US in the third quarter of 2024. Average quarterly electricity production was 1213 billion KWh, which is more than in the same quarter a year earlier.
Electric power generation in the US by source type in 2023 Q3 – 2024 Q3, million KWh
Source: Based on U.S. Energy Information Administration
The structure of electricity generation in the fourth quarter of 2024 has undergone significant changes compared to the same quarter last year. Firstly, the share of coal generation has noticeably decreased from 18.5 to 16.5% and nuclear generation by 0.4%. However, at the same time, the share of gas increased by 1.2%. Solar energy showed the most significant growth: from 4.4 to 5.8%.
Percentage of electric power generation by source type in 2023 Q3 and 2024 Q3
Source: Based on U.S. Energy Information Administration
By the Editorial Board 
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