Planck E PressCenter - Reports
Energy Week in Review #39/2023
Date published: 2023-07-06
Date modified: 2023-07-06
Reading time: 00:02:09
Crude Oil
Between June 28 and July 03, 2023, the WTI (Western Texas Intermediate) crude oil contracts closed trading at US$ 69.71, gaining 3.0% in a week, and US$ 30.60 less than a year ago. The spread with Brent Crude Oil Spot Price on July 03, was US$6.52.
U.S. oil production averaged 12.400 million barrels per day, 1.64% more than 1 week ago, but 0.400 MMB/D more than 1 year ago.
Crude Oil and Petroleum Products imports to the U.S. equated to 9.246 MMB/D, up 0.322 MMB/D from one week ago and an increase of 0.372 MMB/D compared to one year back. On the other hand, U.S. Crude Oil and Petroleum exports reached 9.843 MMB/D, 1.932 MMB/D down from one week ago and exceeding 0.992 MMB/D relative to one year ago.
U.S. crude oil refinery net inputs reached 16.030 MMB/D, down 0.224 MMB/D from one week ago and down 0.610 MMB/D compared to the same period last year.
Regarding the number of days of crude oil supply in the U.S., the week ended with the mark of 27.7, 0.2 days more than one week ago, and up 1.8 days compared to one year ago.
In relation to petroleum derivatives, we had the following price changes during the week:
| Product (NY Harbor) |
Price per gallon |
% Change |
US$ Change 1 Year |
| Conventional Gasoline | US$ 2.451 | -2.70% | US$ -0.852 |
| Heating Oil | US$ 2.269 | -0.83% | US$ -1.044 |
| Diesel Fuel (Ultra-low-sulfur) | US$ 2.417 | -0.74% | US$ -1.086 |
| Kerosene | US$ 2.207 | -0.09% | US$ -1.039 |
Natural Gas
The Henry Hub spot price fell by US$ 0.030 from June 27, to close at US$ 2.650 MMBtu on July 04. Compared to one year ago, the NG price decreased by US 3.000 MMBtu.
The total supply of U.S. natural gas was 114.1 billion cubic feet in the week ending on 07/04, which is 1.8 bcf/d more than a week ago and 3 bcf/d more than a year ago. Concerning U.S. demand, the last measured week reached 74.2 bcf/d, up 4.4 bcf/d from a week ago and up 2.4bcf/d during a year.
Electricity
The most recent U.S. price indicators for electricity (04/2023) indicate an average residential retail price of US$ 16.11/kWh (4.54% in one year), an average industrial price of US$ 7.62/kWh (-19.02% in one year) and an average transportation price of 12.31/kWh (-0.49% in one year).
Electricity Generation (Megawatthours - daily average):
| Source | 07/04/2023 | % Change 1 Week | % Change 1 Year |
|---|---|---|---|
| Wind | 41,023 | -28.48% | 9.97% |
| Solar | 22,852 | -3.89% | 14.62% |
| Hydro | 31,509 | 2.03% | -15.44% |
| Other | 11,411 | 5.46% | 17.70% |
| Petroleum | 1,142 | 0.26% | 1.40% |
| Natural Gas | 248,304 | 11.66% | 2.30% |
| Coal | 107,429 | 12.21% | -13.50% |
| Nuclear | 94,808 | 4.32% | 1.21% |
| Total | 558,477 | 4.79% | -1.32% |
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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