Planck E PressCenter - Reports
Energy Week in Review #34/2023
Date published: 2023-06-01
Date modified: 2023-06-01
Reading time: 00:02:09
Crude Oil
Between May 24 and May 30, 2023, the WTI (Western Texas Intermediate) crude oil contracts closed trading at US$ 68.11, losing 5.2% in a week, and US$ 47.15 less than a year ago. The spread with Brent Crude Oil Spot Price on May 31, was US$5.27.
U.S. oil production averaged 12.200 million barrels per day, 0.81% less than 1 week ago, but 0.300 MMB/D more than 1 year ago.
Crude Oil and Petroleum Products imports to the U.S. equated to 9.313 MMB/D, up 1.449 MMB/D from one week ago and an increase of 0.539 MMB/D compared to one year back. On the other hand, U.S. Crude Oil and Petroleum exports reached 11.194 MMB/D, 1.094 MMB/D up from one week ago and exceeding 3.088 MMB/D relative to one year ago.
U.S. crude oil refinery net inputs reached 16.165 MMB/D, up 0.096 MMB/D from one week ago and down 0.222 MMB/D compared to the same period last year.
Regarding the number of days of crude oil supply in the U.S., the week ended with the mark of 28.7, 0.0 days more than one week ago, and up 2.9 days compared to one year ago.
In relation to petroleum derivatives, we had the following price changes during the week:
| Product (NY Harbor) |
Price per gallon |
% Change |
US$ Change 1 Year |
| Conventional Gasoline | US$ 2.536 | -1.63% | US$ -1.513 |
| Heating Oil | US$ 2.096 | -5.07% | US$ -2.057 |
| Diesel Fuel (Ultra-low-sulfur) | US$ 2.259 | -4.72% | US$ -1.854 |
| Kerosene | US$ 2.091 | -5.00% | US$ -1.842 |
Natural Gas
The Henry Hub spot price fell by US$ 0.120 from May 23, to close at US$ 2.100 MMBtu on May 31. Compared to one year ago, the NG price decreased by US 6.370 MMBtu.
The total supply of U.S. natural gas was 114.5 billion cubic feet in the week ending on 05/31, which is 0.7 bcf/d more than a week ago and 4.9 bcf/d more than a year ago. Concerning U.S. demand, the last measured week reached 62.0 bcf/d, down 1.5 bcf/d from a week ago and up 2.4bcf/d during a year.
Electricity
The most recent U.S. price indicators for electricity (03/2023) indicate an average residential retail price of US$ 15.85/kWh (2.92% in one year), an average industrial price of US$ 7.91/kWh (-11.72% in one year) and an average transportation price of 12.56/kWh (5.19% in one year).
Electricity Generation (Megawatthours - daily average):
| Source | 05/31/2023 | % Change 1 Week | % Change 1 Year |
|---|---|---|---|
| Wind | 50,047 | 36.59% | 26.32% |
| Solar | 20,456 | -1.60% | 2.69% |
| Hydro | 33,455 | -14.41% | -11.17% |
| Other | 9,000 | 1.08% | 1.65% |
| Petroleum | 849 | -9.81% | -16.15% |
| Natural Gas | 189,885 | 7.32% | -4.74% |
| Coal | 68,622 | 2.54% | -34.92% |
| Nuclear | 90,940 | 4.27% | 0.13% |
| Total | 463,253 | 5.90% | -7.84% |
EIA Price Forecast
|
Energy Type |
Forecast 12/2024 |
|
WTI (dollars per barrel) |
67.00 |
|
Brent (dollars per barrel) |
72.00 |
|
Natural Gas (dollars per thousand cubic feet) |
4.34 |
|
Electricity - Residential Retail (cents per kilowatt-hour) |
14.98 |
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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