Planck E PressCenter - Reports
Energy Week in Review #60/2023
Date published: 2023-11-30
Date modified: 2023-11-30
Reading time: 00:02:09
Crude Oil
Between November 22 and November 28, 2023, the WTI (Western Texas Intermediate) crude oil contracts closed trading at US$ 74.46, losing 4.7% in a week, and US$ 6.02 less than a year ago. The spread with Brent Crude Oil Spot Price on November 27, was US$5.03.
U.S. oil production averaged 13.200 million barrels per day, 0.00% more than 1 week ago, but 1.000 MMB/D more than 1 year ago.
Crude Oil and Petroleum Products imports to the U.S. equated to 7.016 MMB/D, down 1.207 MMB/D from one week ago and a decrease of 1.315 MMB/D compared to one year back. On the other hand, U.S. Crude Oil and Petroleum exports reached 11.465 MMB/D, 0.528 MMB/D up from one week ago and exceeding 1.740 MMB/D relative to one year ago.
U.S. crude oil refinery net inputs reached 16.022 MMB/D, up 0.518 MMB/D from one week ago and down 0.563 MMB/D compared to the same period last year.
Regarding the number of days of crude oil supply in the U.S., the week ended with the mark of 28.9, 0.3 days less than one week ago, and up 3.7 days compared to one year ago.
In relation to petroleum derivatives, we had the following price changes during the week:
| Product (NY Harbor) |
Price per gallon |
% Change |
US$ Change 1 Year |
| Conventional Gasoline | US$ 2.328 | 12.90% | US$ 0.039 |
| Heating Oil | US$ 2.833 | -0.42% | US$ -0.349 |
| Diesel Fuel (Ultra-low-sulfur) | US$ 2.601 | -10.68% | US$ -0.784 |
| Kerosene | US$ 2.618 | -2.86% | US$ -0.317 |
Natural Gas
The Henry Hub spot price rose by US$ 0.150 from November 21, to close at US$ 2.780 MMBtu on November 27. Compared to one year ago, the NG price decreased by US 4.220 MMBtu.
The total supply of U.S. natural gas was 119.4 billion cubic feet in the week ending on 11/27, which is 0.2 bcf/d more than a week ago and 4.4 bcf/d more than a year ago. Concerning U.S. demand, the last measured week reached 99.5 bcf/d, up 16.3 bcf/d from a week ago and up 2.4bcf/d during a year.
Electricity
The most recent U.S. price indicators for electricity (09/2023) indicate an average residential retail price of US$ 16.29/kWh (4.76% in one year), an average industrial price of US$ 8.53/kWh (4.79% in one year) and an average transportation price of 14.20/kWh (22.84% in one year).
Electricity Generation (Megawatthours - daily average):
| Source | 11/27/2023 | % Change 1 Week | % Change 1 Year |
|---|---|---|---|
| Wind | 44,889 | 4.70% | -26.63% |
| Solar | 13,156 | -23.57% | 30.62% |
| Hydro | 26,589 | 7.60% | 2.51% |
| Other | 9,822 | 45.38% | 29.77% |
| Petroleum | 657 | 394.27% | -49.89% |
| Natural Gas | 194,668 | 9.84% | 16.26% |
| Coal | 76,841 | -10.97% | -11.91% |
| Nuclear | 92,306 | 17.34% | -0.82% |
| Total | 458,927 | 5.77% | 1.13% |
EIA Price Forecast
|
Energy Type |
Forecast 12/2024 |
|
WTI (dollars per barrel) |
88.00 |
|
Brent (dollars per barrel) |
92.00 |
|
Natural Gas (dollars per thousand cubic feet) |
3.75 |
|
Electricity - Residential Retail (cents per kilowatt-hour) |
14.82 |
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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