Planck E PressCenter - Reports
Energy Week in Review #20/2023
Date published: 2023-02-23
Date modified: 2023-02-23
Reading time: 00:02:09
Crude Oil
Between February 14 and February 21, 2023, the WTI (Western Texas Intermediate) crude oil contracts closed trading at US$ 76.28, losing 4.8% in a week, and US$ 15.86 less than a year ago. The spread with Brent Crude Oil Spot Price on February 21, was US$5.86.
U.S. oil production averaged 12.300 million barrels per day, equal to 1 week ago, but 0.700 MMB/D more than 1 year ago.
Crude Oil and Petroleum Products imports to the U.S. equated to 8.391 MMB/D, down 0.094 MMB/D from one week ago and an increase of 0.348 MMB/D compared to one year back. On the other hand, U.S. Crude Oil and Petroleum exports reached 10.589 MMB/D, 1.383 MMB/D up from one week ago and exceeding 1.624 MMB/D relative to one year ago.
U.S. crude oil refinery net inputs reached 15.010 MMB/D, down 0.017 MMB/D from one week ago and down 0.388 MMB/D compared to the same period last year.
Regarding the number of days of crude oil supply in the U.S., the week ended with the mark of 31.7, 0.5 days more than one week ago, and up 4.6 days compared to one year ago.
In relation to petroleum derivatives, we had the following price changes during the week:
| Product (NY Harbor) |
Price per gallon |
% Change |
US$ Change 1 Year |
| Conventional Gasoline | US$ 2.495 | -2.88% | US$ -0.283 |
| Heating Oil | US$ 2.585 | -4.15% | US$ -0.086 |
| Diesel Fuel (Ultra-low-sulfur) | US$ 2.775 | -3.78% | US$ -0.066 |
| Kerosene | US$ 2.600 | -7.37% | US$ -0.071 |
Natural Gas
The Henry Hub spot price fell by US$ 0.350 from February 13, to close at US$ 2.070 MMBtu on February 21. Compared to one year ago, the NG price decreased by US 2.520 MMBtu.
The total supply of U.S. natural gas was 112.7 billion cubic feet in the week ending on 02/21, which is 0.3 bcf/d less than a week ago and 5.2 bcf/d more than a year ago. Concerning U.S. demand, the last measured week reached 88.3 bcf/d, up 2 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 | 02/21/2023 | % Change 1 Week | % Change 1 Year |
|---|---|---|---|
| Wind | 68,324 | -15.98% | 48.86% |
| Solar | 12,375 | -5.47% | 22.15% |
| Hydro | 28,947 | -2.49% | -13.08% |
| Other | 9,645 | 12.43% | 16.34% |
| Petroleum | 906 | -9.78% | -21.08% |
| Natural Gas | 146,432 | 0.55% | -16.13% |
| Coal | 58,156 | -2.72% | -46.79% |
| Nuclear | 88,755 | -1.77% | -2.37% |
| Total | 413,540 | -3.70% | -12.68% |
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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