EIA: Coal exports to fall 6% in 2024

by Talk Business & Politics staff ([email protected]) 169 views 

U.S. coal exports are expected to decline by 6% this year following the collapse of the Francis Scott Key Bridge and the resulting closure of the Port of Baltimore, according to the U.S. Energy Information Administration (EIA). The agency previously projected the exports would rise by about 1% this year.

On Tuesday (April 9), the EIA released the April Short-Term Energy Outlook that shows the agency reduced its forecasts for U.S. coal exports for April by 33% and for May by 20% from previous forecasts. Baltimore is the second-largest hub for coal exports in the United States and accounted for 28% of coal exports in 2023.

“We expect U.S. coal exports to recover toward the end of the summer or early fall, but there is significant uncertainty based on the timeline for the port reopening and how quickly exporters can adjust to export through alternative ports,” said EIA Administrator Joe DeCarolis.

Following are other highlights from the April Short-Term Energy Outlook:

  • Global liquid fuels demand is expected to rise to nearly 103 million barrels per day in 2024. Liquid fuels include gasoline, diesel and jet fuel, and the demand forecast is nearly 500,000 barrels per day higher than the EIA previously projected. The agency revised the forecast after it released its International Energy Statistics for 2022, showing that global liquid fuels consumption was about 800,000 barrels per day higher in 2022 than previously estimated.
  • Natural gas inventories in the United States are expected to reach record levels going into the winter later this year. The inventories were nearly 40% higher than average at the end of March after a relatively warm winter. The inventories typically rise during the summer, and domestic storage is expected to be about 10% higher than average in October 2024.
  • This summer is expected to be warmer than average, contributing to increased air conditioning use and higher electricity consumption compared to last summer. U.S. electricity consumption is projected to rise in all sectors in 2024, with the greatest growth in the residential sector.