Planck E PressCenter - Reports


Energy Week in Review #17/2023


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

Author: Caspar Bensik

Energy Week in Review #17/2023

Crude Oil

Between January 25 and January 31, 2023, the WTI (Western Texas Intermediate) crude oil contracts closed trading at US$ 78.95, losing 1.1% in a week, and US$ 9.21 less than a year ago. The spread with Brent Crude Oil Spot Price on January 31, was US$4.47.

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 9.304 MMB/D, up 1.175 MMB/D from one week ago and an increase of 0.870 MMB/D compared to one year back. On the other hand, U.S. Crude Oil and Petroleum exports reached 9.270 MMB/D, 1.224 MMB/D down from one week ago and exceeding 1.817 MMB/D relative to one year ago.

U.S. crude oil refinery net inputs reached 14.961 MMB/D, down 0.020 MMB/D from one week ago and down 0.616 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 30.5, 0.3 days less than one week ago, and up 3.9 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
01/31/2023

% Change
1 Week

US$ Change
1 Year
Conventional Gasoline US$ 2.662 -3.16% US$ 0.007
Heating Oil US$ 3.000 -9.28% US$ 0.335
Diesel Fuel (Ultra-low-sulfur) US$ 3.190 -8.39% US$ 0.455
Kerosene US$ 3.437 -7.98% US$ 0.842


Natural Gas

The Henry Hub spot price fell by US$ 0.700 from January 24, to close at US$ 2.650 MMBtu on January 31. Compared to one year ago, the NG price decreased by US 4.050 MMBtu.

The total supply of U.S. natural gas was 110.3 billion cubic feet in the week ending on 01/31, which is 2.2 bcf/d less than a week ago and 3.3 bcf/d more than a year ago. Concerning U.S. demand, the last measured week reached 106.6 bcf/d, up 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 (11/2022) indicate an average residential retail price of US$ 15.64/kWh (13.09% in one year), an average industrial price of US$ 8.30/kWh (11.11% in one year) and an average transportation price of 11.53/kWh (2.31% in one year).

Electricity Generation (Megawatthours - daily average):

Source 01/31/2023 % Change 1 Week % Change 1 Year
Wind 30,812 -48.40% -54.98%
Solar 10,725 6.50% 23.47%
Hydro 33,039 3.76% 5.37%
Other 9,531 -7.50% 28.65%
Petroleum 1,267 20.08% -18.74%
Natural Gas 217,096 20.83% 50.28%
Coal 111,665 23.20% 0.09%
Nuclear 92,655 -3.73% 2.37%
Total 506,789 5.68% 9.22%


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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Keywords

  • energy week review
  • petroleum week review
  • natural gas market review
  • electricity week review
  • gasoline week review

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