Planck E PressCenter - Reports


Energy Week in Review #42/2023


Location: Amsterdam, Netherlands
Date published: 2023-07-27
Date modified: 2023-07-27
Reading time: 00:02:09

Author: Caspar Bensik

Energy Week in Review #42/2023

Crude Oil

Between July 19 and July 25, 2023, the WTI (Western Texas Intermediate) crude oil contracts closed trading at US$ 79.76, gaining 7.5% in a week, and US$ 20.27 less than a year ago. The spread with Brent Crude Oil Spot Price on July 25, was US$3.7.

U.S. oil production averaged 12.200 million barrels per day, 0.81% less than 1 week ago, but 0.100 MMB/D more than 1 year ago.

Crude Oil and Petroleum Products imports to the U.S. equated to 8.520 MMB/D, down 0.529 MMB/D from one week ago and a decrease of 0.892 MMB/D compared to one year back. On the other hand, U.S. Crude Oil and Petroleum exports reached 10.931 MMB/D, 0.556 MMB/D up from one week ago and exceeding 0.973 MMB/D relative to one year ago.

U.S. crude oil refinery net inputs reached 16.478 MMB/D, down 0.107 MMB/D from one week ago and up 0.625 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 27.8, 0.1 days less than one week ago, and up 1.5 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
07/25/2023

% Change
1 Week

US$ Change
1 Year
Conventional Gasoline US$ 2.878 11.38% US$ -0.643
Heating Oil US$ 2.595 8.99% US$ -1.050
Diesel Fuel (Ultra-low-sulfur) US$ 2.710 8.88% US$ -1.033
Kerosene US$ 2.603 9.23% US$ -0.982


Natural Gas

The Henry Hub spot price rose by US$ 0.140 from July 17, to close at US$ 2.660 MMBtu on July 25. Compared to one year ago, the NG price decreased by US 5.990 MMBtu.

The total supply of U.S. natural gas was 113.8 billion cubic feet in the week ending on 07/25, which is 0.5 bcf/d more than a week ago and 2.4 bcf/d more than a year ago. Concerning U.S. demand, the last measured week reached 75.9 bcf/d, down 0.39999999999999 bcf/d from a week ago and up 2.4bcf/d during a year.

Electricity

The most recent U.S. price indicators for electricity (05/2023) indicate an average residential retail price of US$ 16.14/kWh (4.74% in one year), an average industrial price of US$ 7.75/kWh (-17.64% in one year) and an average transportation price of 12.34/kWh (-0.24% in one year).

Electricity Generation (Megawatthours - daily average):

Source 07/25/2023 % Change 1 Week % Change 1 Year
Wind 47,659 10.28% 32.77%
Solar 23,390 5.02% 30.61%
Hydro 32,339 4.48% -1.37%
Other 12,460 7.15% 17.46%
Petroleum 981 -12.53% -32.90%
Natural Gas 267,070 3.24% 10.16%
Coal 118,370 6.28% -9.40%
Nuclear 94,257 0.27% 2.41%
Total 596,526 4.06% 5.80%


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)

3.69

Electricity - Residential Retail (cents per kilowatt-hour)

14.73



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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