Energy Week in Review #15/2023

Location: Amsterdam, Netherlands
Date published: 2023-01-19
Date modified: 2023-01-19
Reading time: 00:02:09

Author: Caspar Bensik

Crude Oil

Between January 10 and January 16, 2023, the WTI (Western Texas Intermediate) crude oil contracts closed trading at US$ 80.25, gaining 7.5% in a week, and US$ 6.59 less than a year ago. The spread with Brent Crude Oil Spot Price on January 16, was US$4.13.

U.S. oil production averaged 12.200 million barrels per day, 0.00% more than 1 week ago, but 0.600 MMB/D more than 1 year ago.

Crude Oil and Petroleum Products imports to the U.S. equated to 9.265 MMB/D, up 1.277 MMB/D from one week ago and an increase of 1.209 MMB/D compared to one year back. On the other hand, U.S. Crude Oil and Petroleum exports reached 10.189 MMB/D, 1.449 MMB/D up from one week ago and exceeding 3.460 MMB/D relative to one year ago.

U.S. crude oil refinery net inputs reached 14.853 MMB/D, up 0.202 MMB/D from one week ago and down 0.644 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 30.1, 1.1 days more than one week ago, and up 3.4 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 01/16/2023	% Change 1 Week	US$ Change 1 Year
Conventional Gasoline	US$ 2.667	10.53%	US$ 0.170
Heating Oil	US$ 3.149	7.84%	US$ 0.602
Diesel Fuel (Ultra-low-sulfur)	US$ 3.224	4.85%	US$ 0.604
Kerosene	US$ 3.567	4.91%	US$ 1.027

Natural Gas

The Henry Hub spot price fell by US$ 0.470 from January 09, to close at US$ 3.200 MMBtu on January 16. Compared to one year ago, the NG price decreased by US 1.690 MMBtu.

The total supply of U.S. natural gas was 113.0 billion cubic feet in the week ending on 01/16, which is 0.5 bcf/d more than a week ago and 6.2 bcf/d more than a year ago. Concerning U.S. demand, the last measured week reached 93.0 bcf/d, down 0.0999 bcf/d from a week ago and up 2.4bcf/d during a year.

Electricity

The most recent U.S. price indicators for electricity (10/2022) indicate an average residential retail price of US$ 16.09/kWh (17.36% in one year), an average industrial price of US$ 8.61/kWh (17.95% in one year) and an average transportation price of 11.79/kWh (8.07% in one year).

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)	5.37
Electricity - Residential Retail (cents per kilowatt-hour)	14.62

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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