Planck E PressCenter - Reports
Energy Week in Review #22/2023
Date published: 2023-03-02
Date modified: 2023-03-02
Reading time: 00:02:09
Crude Oil
Between February 22 and March 27, 2023, the WTI (Western Texas Intermediate) crude oil contracts closed trading at US$ 75.57, losing 0.9% in a week, and US$ 35.17 less than a year ago. The spread with Brent Crude Oil Spot Price on March 27, was US$6.74.
U.S. oil production averaged 12.300 million barrels per day, equal to 1 week ago, but 0.700 MMB/D more than 1 year ago.
Crude Oil and Petroleum Products imports to the U.S. equated to 8.063 MMB/D, down 0.328 MMB/D from one week ago and a decrease of 0.777 MMB/D compared to one year back. On the other hand, U.S. Crude Oil and Petroleum exports reached 11.128 MMB/D, 0.539 MMB/D up from one week ago and exceeding 2.962 MMB/D relative to one year ago.
U.S. crude oil refinery net inputs reached 14.979 MMB/D, down 0.031 MMB/D from one week ago and down 0.398 MMB/D compared to the same period last year.
Regarding the number of days of crude oil supply in the U.S., the week ended with the mark of 31.8, 0.1 days more than one week ago, and up 4.8 days compared to one year ago.
In relation to petroleum derivatives, we had the following price changes during the week:
| Product (NY Harbor) |
Price per gallon |
% Change |
US$ Change 1 Year |
| Conventional Gasoline | US$ 2.444 | -2.04% | US$ -0.802 |
| Heating Oil | US$ 2.617 | 1.24% | US$ -0.868 |
| Diesel Fuel (Ultra-low-sulfur) | US$ 2.797 | 0.79% | US$ -0.851 |
| Kerosene | US$ 3.069 | 18.04% | US$ -0.314 |
Natural Gas
The Henry Hub spot price rose by US$ 0.430 from February 21, to close at US$ 2.500 MMBtu on March 27. Compared to one year ago, the NG price decreased by US 2.150 MMBtu.
The total supply of U.S. natural gas was 113.1 billion cubic feet in the week ending on 03/27, which is 0.39999999999999 bcf/d more than a week ago and 7.2 bcf/d more than a year ago. Concerning U.S. demand, the last measured week reached 91.6 bcf/d, up 3.3 bcf/d from a week ago and up 2.4bcf/d during a year.
Electricity
The most recent U.S. price indicators for electricity (12/2022) indicate an average residential retail price of US$ 14.96/kWh (3.31% in one year), an average industrial price of US$ 8.63/kWh (15.07% in one year) and an average transportation price of 11.52/kWh (6.18% in one year).
Electricity Generation (Megawatthours - daily average):
| Source | 03/27/2023 | % Change 1 Week | % Change 1 Year |
|---|---|---|---|
| Wind | 56,709 | -17.00% | 73.96% |
| Solar | 10,303 | -16.74% | -34.63% |
| Hydro | 29,417 | 1.62% | -11.84% |
| Other | 7,544 | -21.78% | 11.97% |
| Petroleum | 1,077 | 18.82% | -25.29% |
| Natural Gas | 178,203 | 21.70% | 22.03% |
| Coal | 66,806 | 14.87% | -29.41% |
| Nuclear | 86,301 | -2.76% | -2.92% |
| Total | 436,360 | 5.52% | 4.03% |
EIA Price Forecast
|
Energy Type |
Forecast 12/2024 |
|
WTI (dollars per barrel) |
69.00 |
|
Brent (dollars per barrel) |
75.00 |
|
Natural Gas (dollars per thousand cubic feet) |
4.58 |
|
Electricity - Residential Retail (cents per kilowatt-hour) |
14.91 |
This weekly Energy Report was crafted by Planck E with sources from: https://www.eia.gov/ and https://energy.ec.europa.eu/
For emission reduction purposes, we recommend the book The Science behind Carbon Credits and their Calculation.
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Keywords
- energy week review
- petroleum week review
- natural gas market review
- electricity week review
- gasoline week review
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