Planck E PressCenter - Reports
Energy Week in Review #52/2023
Date published: 2023-10-05
Date modified: 2023-10-05
Reading time: 00:02:09
Crude Oil
Between September 27 and October 03, 2023, the WTI (Western Texas Intermediate) crude oil contracts closed trading at US$ 89.26, losing 0.5% in a week, and US$ 3.81 less than a year ago. The spread with Brent Crude Oil Spot Price on October 03, was US$5.2.
U.S. oil production averaged 12.900 million barrels per day, 0.00% more than 1 week ago, but 1.000 MMB/D more than 1 year ago.
Crude Oil and Petroleum Products imports to the U.S. equated to 8.228 MMB/D, down 0.401 MMB/D from one week ago and an increase of 0.302 MMB/D compared to one year back. On the other hand, U.S. Crude Oil and Petroleum exports reached 11.500 MMB/D, 1.165 MMB/D up from one week ago and exceeding 1.572 MMB/D relative to one year ago.
U.S. crude oil refinery net inputs reached 15.602 MMB/D, down 0.463 MMB/D from one week ago and down 0.081 MMB/D compared to the same period last year.
Regarding the number of days of crude oil supply in the U.S., the week ended with the mark of 25.6, 0.3 days more than one week ago, and down 2.0 days compared to one year ago.
In relation to petroleum derivatives, we had the following price changes during the week:
| Product (NY Harbor) |
Price per gallon |
% Change |
US$ Change 1 Year |
| Conventional Gasoline | US$ 2.500 | -9.65% | US$ -0.519 |
| Heating Oil | US$ 3.140 | 0.77% | US$ -0.928 |
| Diesel Fuel (Ultra-low-sulfur) | US$ 3.164 | -2.29% | US$ -1.176 |
| Kerosene | US$ 2.978 | -3.09% | US$ -0.950 |
Natural Gas
The Henry Hub spot price rose by US$ 0.160 from September 26, to close at US$ 2.710 MMBtu on October 03. Compared to one year ago, the NG price decreased by US 3.540 MMBtu.
The total supply of U.S. natural gas was 113.8 billion cubic feet in the week ending on 10/03, which is 0.5 bcf/d less than a week ago and 0.40000000000001 bcf/d less than a year ago. Concerning U.S. demand, the last measured week reached 68.6 bcf/d, up 0.19999999999999 bcf/d from a week ago and up 2.4bcf/d during a year.
Electricity
The most recent U.S. price indicators for electricity (07/2023) indicate an average residential retail price of US$ 15.91/kWh (-0.62% in one year), an average industrial price of US$ 8.45/kWh (-1.86% in one year) and an average transportation price of 13.50/kWh (13.35% in one year).
Electricity Generation (Megawatthours - daily average):
| Source | 10/03/2023 | % Change 1 Week | % Change 1 Year |
|---|---|---|---|
| Wind | 40,036 | 16.86% | 47.39% |
| Solar | 17,107 | 1.72% | 13.94% |
| Hydro | 22,826 | -0.88% | 7.41% |
| Other | 10,519 | 5.27% | -0.86% |
| Petroleum | 505 | 14.16% | 26.29% |
| Natural Gas | 195,160 | -5.31% | 11.28% |
| Coal | 79,990 | 1.96% | -2.97% |
| Nuclear | 88,460 | -2.47% | 9.16% |
| Total | 454,603 | -1.13% | 9.99% |
EIA Price Forecast
|
Energy Type |
Forecast 12/2024 |
|
WTI (dollars per barrel) |
82.00 |
|
Brent (dollars per barrel) |
87.00 |
|
Natural Gas (dollars per thousand cubic feet) |
3.72 |
|
Electricity - Residential Retail (cents per kilowatt-hour) |
14.79 |
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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