Energy Week in Review #13/2022

Location: Amsterdam, Netherlands
Date published: 2022-12-08
Date modified: 2022-12-08
Reading time: 00:02:09

Author: Caspar Bensik

Crude Oil

Between November 30 and December 05, 2022, the WTI (Western Texas Intermediate) crude oil contracts closed trading at US$ 76.83, losing 1.4% in a week, and US$ 4.40 more than a year ago. The spread with Brent Crude Oil Spot Price on December 05, was US$6.53.

U.S. oil production averaged 12.200 million barrels per day, 0.83% more than 1 week ago, but 0.500 MMB/D more than 1 year ago.

Crude Oil and Petroleum Products imports to the U.S. equated to 8.331 MMB/D, up 0.385 MMB/D from one week ago and a decrease of 0.440 MMB/D compared to one year back. On the other hand, U.S. Crude Oil and Petroleum exports reached 9.725 MMB/D, 2.051 MMB/D down from one week ago and exceeding 1.724 MMB/D relative to one year ago.

U.S. crude oil refinery net inputs reached 16.585 MMB/D, down 0.053 MMB/D from one week ago and up 0.915 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 25.2, 0.5 days less than one week ago, and down 2.1 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 12/05/2022	% Change 1 Week	US$ Change 1 Year
Conventional Gasoline	US$ 2.048	-4.07%	US$ -0.124
Heating Oil	US$ 2.816	-9.07%	US$ 0.684
Diesel Fuel (Ultra-low-sulfur)	US$ 2.746	-9.73%	US$ 0.474
Kerosene	US$ 2.628	-7.79%	US$ 0.501

Natural Gas

The Henry Hub spot price fell by US$ 1.450 from November 29, to close at US$ 4.580 MMBtu on December 05. Compared to one year ago, the NG price increased by US 0.790 MMBtu.

The total supply of U.S. natural gas was 112.4 billion cubic feet in the week ending on 12/05, which is 1.3 bcf/d less than a week ago and 4.3 bcf/d more than a year ago. Concerning U.S. demand, the last measured week reached 90.7 bcf/d, up 6.7 bcf/d from a week ago and up 2.4bcf/d during a year.

Electricity

The most recent U.S. price indicators for electricity (01/1970) indicate an average residential retail price of US$ 16.32/kWh (18.69% in one year), an average industrial price of US$ 9.34/kWh (30.45% in one year) and an average transportation price of 12.48/kWh (18.86% in one year).

Electricity Generation (Megawatthours - daily average):

Source	12/05/2022	% Change 1 Week	% Change 1 Year
Wind	27,817	-55.40%	-40.01%
Solar	8,443	-15.40%	19.69%
Hydro	28,314	10.10%	-9.74%
Other	7,693	1.16%	-12.02%
Petroleum	792	-40.14%	-37.34%
Natural Gas	180,222	9.09%	-1.24%
Coal	93,443	8.95%	4.80%
Nuclear	90,570	-2.62%	-3.70%
Total	437,294	-3.03%	-5.04%

EIA Price Forecast

Energy Type	Forecast 12/2023
WTI (dollars per barrel)	87.00
Brent (dollars per barrel)	93.00
Natural Gas (dollars per thousand cubic feet)	5.76
Electricity - Residential Retail (cents per kilowatt-hour)	14.40

Fuel prices in the European Union – December 05, 2022

	Euro-super 95 (I)	Gas oil automobile Automotive gas oil Dieselkraftstoff (I)	Gasoil de chauffage Heating gas oil Heizöl (II)	Fuel oil -Schweres Heizöl(III)Soufre
	1000L	1000L	1000L	t
Austria	1,547	1,735	1,361.98	768.9
Belgium	1,712.18	1,789.69	1,124.8	455.62
Bulgaria	1,353	1,601.19	1,358.8
Croatia	1,571.05	1,790.49	1,154.81	886.77
Cyprus	1,491.07	1,746.58	1,304.27	995.37
Czechia	1,583.92	1,645.07	1,127.3	N.A
Denmark	1,941.67	1,865.02	1,978.38	1,277.95
Estonia	1,797	1,856	1,312
Finland	1,923	2,077	1,616
France	1,733.56	1,820.22	1,379.45	680.48
Germany	1,801	1,854	1,286.44
Greece	1,957	1,890	1,180	667.83
Hungary	1,225.48	1,457.14	1,457.14	800.72
Ireland	1,705.8	1,887.6	1,078.5	911.26
Italy	1,689.44	1,764.68	1,697.75	670.11
Latvia	1,688.5	1,752.33	1,320.25
Lithuania	1,590.32	1,749.69	1,084.56
Luxembourg	1,537	1,671	1,109
Malta	1,340	1,210	1,000
Netherlands	1,799	1,784	1,902	745
Poland	1,389.34	1,638.89	1,433.58	690.67
Portugal	1,652	1,643	1,639	895.02
Romania	1,469.71	1,716.49	1,647.42	724.81
Slovakia	1,577	1,718		640.7
Slovenia	1,473.83	1,645.85	1,345.17
Spain	1,688	1,763.96	1,219.15	683.42
Sweden	1,791.32	2,237.01	1,471.3	975.66
CE/EC/EG EUR27_2020 (IV) Moyenne pondérée Weighted average Gewichteter Durchschnitt	1698.01492	1782.876968	1312.789021	742.3232988

This weekly Energy Report was crafted by Planck E with sources from: https://www.eia.gov/ and https://energy.ec.europa.eu/

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