Headlines

U.S. power consumption, which hit its second straight annual record high in 2025, will rise further in 2026 and 2027, driven by AI-hungry data centers and electrification, the Energy Information Administration said in its Short-Term Energy Outlook on Tuesday. The EIA projected power demand will rise from a record 4,195 billion kilowatt-hours (kWh) in 2025 to 4,271 billion kWh in 2026 and 4,397 billion kWh in 2027. Demand is surging in large part because of data centers dedicated to artificial [Read more]

Oil stockpiles in the world's largest economies are headed toward the lowest levels since at least 2003 as inventories are drawn down at a record pace due to the lost output from the Iran war, the U.S. Energy Information Administration said on Tuesday. Total oil inventories in the members of the Organization for Economic Cooperation and Development will fall to just under 2.3 billion barrels by December, the EIA said, based on its current assumption that marine traffic through the Strait of [Read more]

U.S. natural gas supply and demand will both rise to record highs in 2026, the U.S. Energy Information Administration said in its Short-Term Energy Outlook on Tuesday. EIA projected dry gas production will rise from a record 107.7 billion cubic feet per day (bcfd) in 2025 to 111.0 bcfd in 2026 and 113.6 bcfd in 2027. The agency also projected domestic gas consumption will rise from a record 91.9 bcfd in 2025 to 92.1 bcfd in 2026 and 95.0 bcfd in 2027. The June projections for 2026 were [Read more]

President Donald Trump on Tuesday said Iran shot down a U.S. Apache helicopter that was patrolling the Strait of Hormuz overnight and vowed to respond, but gave no other details. "I have just been informed by our Great Military that last night the Iranians shot down one of our highly sophisticated Apache Helicopters while patrolling over the Strait of Hormuz," Trump wrote in a social media post. "Nevertheless, the United States must, of necessity, respond to this attack," he [Read more]

U.S. Energy Secretary Chris Wright said on Tuesday that ship traffic through the Strait of Hormuz is rising "very meaningfully" as the conflict with Iran continues. "I would say rising very meaningfully," Wright said when asked how ship traffic is flowing through the Strait compared to a week or two ago. Wright made the remarks during an Atlantic Council conference and added that it would take many months to get back to normal flows of energy once the war is over. Vessel movements on the [Read more]

Electricity supplies in New York have shrunk over the last five years, leaving one of the most populous U.S. states at risk of falling short of the energy needed to power homes and businesses on the hottest and coldest days of the year, the state grid operator said on Tuesday. * The retirement of fossil fuel-fired power plants in New York has outpaced the addition of comparable new electricity generation, resulting in a 1.5 gigawatt net decline in supplies since 2019, the NYISO said in an [Read more]

OTTAWA - Statistics Canada says the country's merchandise trade surplus grew to $2.7 billion in April as higher oil prices helped boost exports to a record high. The agency says the result was the largest surplus since January 2025 and compared with a surplus of $1.8 billion in March. Total exports rose 1.6 per cent in April to reach a record $75.2 billion as exports of energy products rose 9.7 per cent, offset by a 17.5 per cent drop in metal and non-metallic mineral [Read more]