Planck E PressCenter - Reports
Energy Week in Review #23/2023
Date published: 2023-03-16
Date modified: 2023-03-16
Reading time: 00:02:09
Crude Oil
Between March 8 and March 14, 2023, the WTI (Western Texas Intermediate) crude oil contracts closed trading at US$ 74.68, losing 1.2% in a week, and US$ 20.17 less than a year ago. The spread with Brent Crude Oil Spot Price on March 14, was US$4.99.
U.S. oil production averaged 12.200 million barrels per day, 0.81% less than 1 week ago, but 0.600 MMB/D more than 1 year ago.
Crude Oil and Petroleum Products imports to the U.S. equated to 7.685 MMB/D, down 0.378 MMB/D from one week ago and a decrease of 0.923 MMB/D compared to one year back. On the other hand, U.S. Crude Oil and Petroleum exports reached 11.230 MMB/D, 0.102 MMB/D up from one week ago and exceeding 1.701 MMB/D relative to one year ago.
U.S. crude oil refinery net inputs reached 15.398 MMB/D, up 0.419 MMB/D from one week ago and down 0.480 MMB/D compared to the same period last year.
Regarding the number of days of crude oil supply in the U.S., the week ended with the mark of 31.8, equal to one week ago, and up 5.2 days compared to one year ago.
In relation to petroleum derivatives, we had the following price changes during the week:
| Product (NY Harbor) |
Price per gallon |
% Change |
US$ Change 1 Year |
| Conventional Gasoline | US$ 2.462 | 0.74% | US$ -0.400 |
| Heating Oil | US$ 2.613 | -0.15% | US$ -0.506 |
| Diesel Fuel (Ultra-low-sulfur) | US$ 2.771 | -0.93% | US$ -0.343 |
| Kerosene | US$ 2.773 | -9.64% | US$ -0.181 |
Natural Gas
The Henry Hub spot price rose by US$ 0.150 from March 27, to close at US$ 2.650 MMBtu on March 14. Compared to one year ago, the NG price decreased by US 2.030 MMBtu.
The total supply of U.S. natural gas was 113.4 billion cubic feet in the week ending on 03/14, which is 0.30000000000001 bcf/d more than a week ago and 6.9 bcf/d more than a year ago. Concerning U.S. demand, the last measured week reached 89.8 bcf/d, down 1.8 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 | 03/14/2023 | % Change 1 Week | % Change 1 Year |
|---|---|---|---|
| Wind | 84,732 | 49.42% | 28.17% |
| Solar | 12,831 | 24.54% | -6.55% |
| Hydro | 28,810 | -2.06% | -14.89% |
| Other | 9,709 | 28.70% | 31.56% |
| Petroleum | 1,380 | 28.18% | 94.75% |
| Natural Gas | 156,871 | -11.97% | 25.85% |
| Coal | 72,763 | 8.92% | -2.41% |
| Nuclear | 82,268 | -4.67% | -3.04% |
| Total | 449,364 | 2.98% | 10.73% |
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) |
4.41 |
|
Electricity - Residential Retail (cents per kilowatt-hour) |
14.95 |
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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