Planck E PressCenter - Reports
Energy Week in Review #35/2023
Date published: 2023-06-08
Date modified: 2023-06-08
Reading time: 00:02:09
Crude Oil
Between May 31 and June 06, 2023, the WTI (Western Texas Intermediate) crude oil contracts closed trading at US$ 72.53, gaining 6.5% in a week, and US$ 48.99 less than a year ago. The spread with Brent Crude Oil Spot Price on June 06, was US$4.08.
U.S. oil production averaged 12.400 million barrels per day, 1.64% more than 1 week ago, but 0.400 MMB/D more than 1 year ago.
Crude Oil and Petroleum Products imports to the U.S. equated to 8.544 MMB/D, down 0.769 MMB/D from one week ago and an increase of 0.088 MMB/D compared to one year back. On the other hand, U.S. Crude Oil and Petroleum exports reached 8.652 MMB/D, 2.542 MMB/D down from one week ago and falling behind 1.119 MMB/D relative to one year ago.
U.S. crude oil refinery net inputs reached 16.647 MMB/D, up 0.482 MMB/D from one week ago and up 0.327 MMB/D compared to the same period last year.
Regarding the number of days of crude oil supply in the U.S., the week ended with the mark of 28.3, 0.4 days less than one week ago, and up 2.5 days compared to one year ago.
In relation to petroleum derivatives, we had the following price changes during the week:
| Product (NY Harbor) |
Price per gallon |
% Change |
US$ Change 1 Year |
| Conventional Gasoline | US$ 2.443 | -3.67% | US$ -1.861 |
| Heating Oil | US$ 2.212 | 5.53% | US$ -2.171 |
| Diesel Fuel (Ultra-low-sulfur) | US$ 2.320 | 2.70% | US$ -2.178 |
| Kerosene | US$ 2.225 | 6.41% | US$ -1.988 |
Natural Gas
The Henry Hub spot price fell by US$ 0.150 from May 31, to close at US$ 1.950 MMBtu on June 06. Compared to one year ago, the NG price decreased by US 6.210 MMBtu.
The total supply of U.S. natural gas was 114.1 billion cubic feet in the week ending on 06/06, which is 0.40000000000001 bcf/d less than a week ago and 3.5 bcf/d more than a year ago. Concerning U.S. demand, the last measured week reached 67.5 bcf/d, up 5.5 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 | 06/06/2023 | % Change 1 Week | % Change 1 Year |
|---|---|---|---|
| Wind | 19,931 | -60.18% | -38.29% |
| Solar | 19,052 | -6.86% | 1.85% |
| Hydro | 31,396 | -6.16% | -24.35% |
| Other | 9,218 | 2.43% | 13.63% |
| Petroleum | 1,452 | 71.07% | 44.82% |
| Natural Gas | 208,774 | 9.95% | 3.63% |
| Coal | 80,911 | 17.91% | -20.81% |
| Nuclear | 89,990 | -1.04% | -2.42% |
| Total | 460,725 | -0.55% | -7.39% |
EIA Price Forecast
|
Energy Type |
Forecast 12/2024 |
|
WTI (dollars per barrel) |
80.00 |
|
Brent (dollars per barrel) |
85.00 |
|
Natural Gas (dollars per thousand cubic feet) |
3.89 |
|
Electricity - Residential Retail (cents per kilowatt-hour) |
14.87 |
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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