Planck E PressCenter - Reports


Energy Week in Review #19/2023


Location: Amsterdam, Netherlands
Date published: 2023-02-16
Date modified: 2023-02-16
Reading time: 00:02:09

Author: Caspar Bensik

Energy Week in Review #19/2023

Crude Oil

Between February 08 and February 13, 2023, the WTI (Western Texas Intermediate) crude oil contracts closed trading at US$ 80.14, gaining 3.8% in a week, and US$ 13.69 less than a year ago. The spread with Brent Crude Oil Spot Price on February 13, was US$5.84.

U.S. oil production averaged 12.300 million barrels per day, 0.00% more than 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 8.485 MMB/D, down 1.555 MMB/D from one week ago and a decrease of 0.299 MMB/D compared to one year back. On the other hand, U.S. Crude Oil and Petroleum exports reached 9.206 MMB/D, 0.044 MMB/D up from one week ago and exceeding 1.746 MMB/D relative to one year ago.

U.S. crude oil refinery net inputs reached 15.027 MMB/D, down 0.383 MMB/D from one week ago and down 0.219 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 31.2, 1.0 days more 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
02/13/2023

% Change
1 Week

US$ Change
1 Year
Conventional Gasoline US$ 2.569 -1.23% US$ -0.086
Heating Oil US$ 2.697 -1.78% US$ 0.014
Diesel Fuel (Ultra-low-sulfur) US$ 2.884 1.59% US$ 0.131
Kerosene US$ 2.807 -2.50% US$ 0.197


Natural Gas

The Henry Hub spot price rose by US$ 0.070 from February 07, to close at US$ 2.420 MMBtu on February 13. Compared to one year ago, the NG price decreased by US 1.970 MMBtu.

The total supply of U.S. natural gas was 113.0 billion cubic feet in the week ending on 02/13, which is 2.1 bcf/d more than a week ago and 5.5 bcf/d more than a year ago. Concerning U.S. demand, the last measured week reached 86.3 bcf/d, down 12 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 02/13/2023 % Change 1 Week % Change 1 Year
Wind 81,322 69.06% -2.14%
Solar 13,091 2.44% 24.63%
Hydro 29,686 5.33% -5.94%
Other 8,579 3.79% 21.83%
Petroleum 1,004 -28.19% -26.25%
Natural Gas 145,628 -13.04% 27.61%
Coal 59,785 -19.69% -36.14%
Nuclear 90,354 -3.72% 1.07%
Total 429,448 -1.16% -0.29%


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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