Planck E PressCenter - Reports


Energy Week in Review #22/2023


Location: Amsterdam, Netherlands
Date published: 2023-03-02
Date modified: 2023-03-02
Reading time: 00:02:09

Author: Caspar Bensik

Energy Week in Review #22/2023

Crude Oil

Between February 22 and March 27, 2023, the WTI (Western Texas Intermediate) crude oil contracts closed trading at US$ 75.57, losing 0.9% in a week, and US$ 35.17 less than a year ago. The spread with Brent Crude Oil Spot Price on March 27, was US$6.74.

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 8.063 MMB/D, down 0.328 MMB/D from one week ago and a decrease of 0.777 MMB/D compared to one year back. On the other hand, U.S. Crude Oil and Petroleum exports reached 11.128 MMB/D, 0.539 MMB/D up from one week ago and exceeding 2.962 MMB/D relative to one year ago.

U.S. crude oil refinery net inputs reached 14.979 MMB/D, down 0.031 MMB/D from one week ago and down 0.398 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 31.8, 0.1 days more than one week ago, and up 4.8 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
03/27/2023

% Change
1 Week

US$ Change
1 Year
Conventional Gasoline US$ 2.444 -2.04% US$ -0.802
Heating Oil US$ 2.617 1.24% US$ -0.868
Diesel Fuel (Ultra-low-sulfur) US$ 2.797 0.79% US$ -0.851
Kerosene US$ 3.069 18.04% US$ -0.314


Natural Gas

The Henry Hub spot price rose by US$ 0.430 from February 21, to close at US$ 2.500 MMBtu on March 27. Compared to one year ago, the NG price decreased by US 2.150 MMBtu.

The total supply of U.S. natural gas was 113.1 billion cubic feet in the week ending on 03/27, which is 0.39999999999999 bcf/d more than a week ago and 7.2 bcf/d more than a year ago. Concerning U.S. demand, the last measured week reached 91.6 bcf/d, up 3.3 bcf/d from a week ago and up 2.4bcf/d during a year.

Electricity

The most recent U.S. price indicators for electricity (12/2022) indicate an average residential retail price of US$ 14.96/kWh (3.31% in one year), an average industrial price of US$ 8.63/kWh (15.07% in one year) and an average transportation price of 11.52/kWh (6.18% in one year).

Electricity Generation (Megawatthours - daily average):

Source 03/27/2023 % Change 1 Week % Change 1 Year
Wind 56,709 -17.00% 73.96%
Solar 10,303 -16.74% -34.63%
Hydro 29,417 1.62% -11.84%
Other 7,544 -21.78% 11.97%
Petroleum 1,077 18.82% -25.29%
Natural Gas 178,203 21.70% 22.03%
Coal 66,806 14.87% -29.41%
Nuclear 86,301 -2.76% -2.92%
Total 436,360 5.52% 4.03%


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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