US annual hydrogen capacity was approximately 3.7 billion cubic feet per year (Bcf/yr) as of January 2021, 68% of which is used in petroleum processing, according to the US Department of Energy (DOE). This is a growth of 4.5% from the previous year, while the rest of the world declined 2%. There is investment and momentum in hydrogen like never before in the US – from green hydrogen and now “blue”.
gaining strength in the merchant market. New innovations, applications and green sourcing channels continue to emerge, and our view of hydrogen markets continues to evolve as a result.
The Covid-19 pandemic had a detrimental impact on the refinery hydrogen business early during the onset of Covid, with significantly reduced population mobility and reducing demand on petroleum products. However, with Russia’s full-scale invasion of Ukraine driving demand for energy to supplement Russian supply, the refiners are producing as much as they can and are reaping the benefits of skyrocketing Brent and WTI crude prices.
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