Planck E PressCenter - Reports


Energy Week in Review #43/2023


Location: Amsterdam, Netherlands
Date published: 2023-08-03
Date modified: 2023-08-03
Reading time: 00:02:09

Author: Caspar Bensik

Energy Week in Review #43/2023

Crude Oil

Between July 26 and August 01, 2023, the WTI (Western Texas Intermediate) crude oil contracts closed trading at US$ 81.80, gaining 2.6% in a week, and US$ 11.45 less than a year ago. The spread with Brent Crude Oil Spot Price on August 01, was US$3.42.

U.S. oil production averaged 12.200 million barrels per day, 0.00% more than 1 week ago, but 0.000 MMB/D more than 1 year ago.

Crude Oil and Petroleum Products imports to the U.S. equated to 8.637 MMB/D, up 0.117 MMB/D from one week ago and an increase of 0.464 MMB/D compared to one year back. On the other hand, U.S. Crude Oil and Petroleum exports reached 11.779 MMB/D, 0.848 MMB/D up from one week ago and exceeding 3.230 MMB/D relative to one year ago.

U.S. crude oil refinery net inputs reached 16.517 MMB/D, up 0.039 MMB/D from one week ago and down 0.064 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 26.6, 1.2 days less than one week ago, and down 0.1 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
08/01/2023

% Change
1 Week

US$ Change
1 Year
Conventional Gasoline US$ 2.889 0.38% US$ 0.096
Heating Oil US$ 2.810 8.29% US$ -0.520
Diesel Fuel (Ultra-low-sulfur) US$ 2.934 8.27% US$ -0.429
Kerosene US$ 2.860 9.87% US$ -0.330


Natural Gas

The Henry Hub spot price fell by US$ 0.170 from July 25, to close at US$ 2.490 MMBtu on August 01. Compared to one year ago, the NG price decreased by US 5.320 MMBtu.

The total supply of U.S. natural gas was 115.2 billion cubic feet in the week ending on 08/01, which is 1.4 bcf/d more than a week ago and 2.7 bcf/d more than a year ago. Concerning U.S. demand, the last measured week reached 76.6 bcf/d, up 0.69999999999999 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 (1.32% in one year), an average industrial price of US$ 7.75/kWh (-18.51% in one year) and an average transportation price of 12.34/kWh (-4.64% in one year).

Electricity Generation (Megawatthours - daily average):

Source 08/01/2023 % Change 1 Week % Change 1 Year
Wind 38,450 -19.32% -30.38%
Solar 22,570 -3.51% 23.78%
Hydro 28,857 -10.77% -10.83%
Other 10,000 -19.75% -10.05%
Petroleum 656 -33.12% -53.58%
Natural Gas 246,271 -7.79% -0.24%
Coal 110,777 -6.41% -12.66%
Nuclear 92,584 -1.77% 0.12%
Total 550,164 -7.77% -5.88%


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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