Planck E PressCenter - Reports
Energy Week in Review #54/2023
Date published: 2023-10-13
Date modified: 2023-10-13
Reading time: 00:02:09
Crude Oil
Between October 04 and October 10, 2023, the WTI (Western Texas Intermediate) crude oil contracts closed trading at US$ 85.89, losing 3.8% in a week, and US$ 3.70 less than a year ago. The spread with Brent Crude Oil Spot Price on October 10, was US$4.81.
U.S. oil production averaged 13.200 million barrels per day, 2.33% more than 1 week ago, but 1.200 MMB/D more than 1 year ago.
Crude Oil and Petroleum Products imports to the U.S. equated to 8.329 MMB/D, up 0.101 MMB/D from one week ago and an increase of 0.590 MMB/D compared to one year back. On the other hand, U.S. Crude Oil and Petroleum exports reached 10.086 MMB/D, 1.414 MMB/D down from one week ago and exceeding 0.618 MMB/D relative to one year ago.
U.S. crude oil refinery net inputs reached 15.203 MMB/D, down 0.399 MMB/D from one week ago and down 0.347 MMB/D compared to the same period last year.
Regarding the number of days of crude oil supply in the U.S., the week ended with the mark of 26.9, 1.3 days more than one week ago, and down 0.9 days compared to one year ago.
In relation to petroleum derivatives, we had the following price changes during the week:
| Product (NY Harbor) |
Price per gallon |
% Change |
US$ Change 1 Year |
| Conventional Gasoline | US$ 2.558 | 2.32% | US$ -0.384 |
| Heating Oil | US$ 2.984 | -4.97% | US$ -1.466 |
| Diesel Fuel (Ultra-low-sulfur) | US$ 2.964 | -6.32% | US$ -1.636 |
| Kerosene | US$ 2.862 | -3.90% | US$ -0.948 |
Natural Gas
The Henry Hub spot price rose by US$ 0.480 from October 03, to close at US$ 3.190 MMBtu on October 10. Compared to one year ago, the NG price decreased by US 3.060 MMBtu.
The total supply of U.S. natural gas was 114.6 billion cubic feet in the week ending on 10/10, which is 0.8 bcf/d more than a week ago and 0.2 bcf/d less than a year ago. Concerning U.S. demand, the last measured week reached 69.9 bcf/d, up 1.3 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 | 10/10/2023 | % Change 1 Week | % Change 1 Year |
|---|---|---|---|
| Wind | 39,209 | -2.07% | -12.97% |
| Solar | 14,835 | -13.28% | 6.31% |
| Hydro | 19,949 | -12.60% | -8.38% |
| Other | 8,995 | -14.48% | -18.79% |
| Petroleum | 377 | -25.26% | -66.76% |
| Natural Gas | 159,964 | -18.03% | -9.74% |
| Coal | 63,118 | -21.09% | -16.78% |
| Nuclear | 82,722 | -6.49% | 8.12% |
| Total | 389,170 | -14.39% | -7.91% |
EIA Price Forecast
|
Energy Type |
Forecast 12/2024 |
|
WTI (dollars per barrel) |
90.00 |
|
Brent (dollars per barrel) |
94.00 |
|
Natural Gas (dollars per thousand cubic feet) |
3.94 |
|
Electricity - Residential Retail (cents per kilowatt-hour) |
14.77 |
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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