Planck E PressCenter - Reports


Energy Week in Review #30/2023


Location: Amsterdam, Netherlands
Date published: 2023-05-04
Date modified: 2023-05-04
Reading time: 00:02:09

Author: Caspar Bensik

Energy Week in Review #30/2023

Crude Oil

Between April 26 and May 02, 2023, the WTI (Western Texas Intermediate) crude oil contracts closed trading at US$ 71.71, losing 8.8% in a week, and US$ 36.13 less than a year ago. The spread with Brent Crude Oil Spot Price on May 02, was US$5.

U.S. oil production averaged 12.300 million barrels per day, 0.82% more than 1 week ago, but 0.500 MMB/D more than 1 year ago.

Crude Oil and Petroleum Products imports to the U.S. equated to 8.348 MMB/D, down 0.487 MMB/D from one week ago and an increase of 0.261 MMB/D compared to one year back. On the other hand, U.S. Crude Oil and Petroleum exports reached 10.657 MMB/D, 0.141 MMB/D up from one week ago and exceeding 1.870 MMB/D relative to one year ago.

U.S. crude oil refinery net inputs reached 15.735 MMB/D, down 0.098 MMB/D from one week ago and up 0.039 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 29.2, 0.1 days less than one week ago, and up 2.1 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
05/02/2023

% Change
1 Week

US$ Change
1 Year
Conventional Gasoline US$ 2.341 -5.72% US$ -1.356
Heating Oil US$ 2.122 -9.47% US$ -2.787
Diesel Fuel (Ultra-low-sulfur) US$ 2.266 -9.97% US$ -2.078
Kerosene US$ 2.102 -7.56% US$ -2.224


Natural Gas

The Henry Hub spot price fell by US$ 0.090 from April 25, to close at US$ 2.120 MMBtu on May 02. Compared to one year ago, the NG price decreased by US 6.180 MMBtu.

The total supply of U.S. natural gas was 114.6 billion cubic feet in the week ending on 05/02, which is 0.6999 bcf/d more than a week ago and 6.3 bcf/d more than a year ago. Concerning U.S. demand, the last measured week reached 70.5 bcf/d, down 1.4 bcf/d from a week ago and up 2.4bcf/d during a year.

Electricity

The most recent U.S. price indicators for electricity (02/2023) indicate an average residential retail price of US$ 15.96/kWh (6.61% in one year), an average industrial price of US$ 8.15/kWh (-2.63% in one year) and an average transportation price of 13.35/kWh (23.61% in one year).

Electricity Generation (Megawatthours - daily average):

Source 05/02/2023 % Change 1 Week % Change 1 Year
Wind 32,779 -24.68% -17.29%
Solar 20,186 4.82% 15.80%
Hydro 36,310 32.23% 22.43%
Other 7,123 -33.74% -10.75%
Petroleum 1,257 3.63% 39.46%
Natural Gas 173,264 5.98% 3.15%
Coal 60,759 -11.14% -31.07%
Nuclear 78,463 4.07% -3.62%
Total 410,142 0.17% -5.31%


EIA Price Forecast

Energy Type

Forecast 12/2024

WTI (dollars per barrel)

72.00

Brent (dollars per barrel)

78.00

Natural Gas (dollars per thousand cubic feet)

4.30

Electricity - Residential Retail (cents per kilowatt-hour)

14.82



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

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