Planck E PressCenter - Reports
Energy Week in Review #56/2023
Date published: 2023-11-02
Date modified: 2023-11-02
Reading time: 00:02:09
Crude Oil
Between October 25 and October 31, 2023, the WTI (Western Texas Intermediate) crude oil contracts closed trading at US$ 81.64, losing 4.5% in a week, and US$ 6.50 less than a year ago. The spread with Brent Crude Oil Spot Price on October 31, was US$5.18.
U.S. oil production averaged 13.200 million barrels per day, 0.00% more than 1 week ago, but 1.100 MMB/D more than 1 year ago.
Crude Oil and Petroleum Products imports to the U.S. equated to 7.906 MMB/D, up 0.190 MMB/D from one week ago and a decrease of 0.681 MMB/D compared to one year back. On the other hand, U.S. Crude Oil and Petroleum exports reached 11.286 MMB/D, 0.434 MMB/D up from one week ago and exceeding 1.594 MMB/D relative to one year ago.
U.S. crude oil refinery net inputs reached 15.251 MMB/D, up 0.062 MMB/D from one week ago and down 0.838 MMB/D compared to the same period last year.
Regarding the number of days of crude oil supply in the U.S., the week ended with the mark of 27.6, 0.2 days more than one week ago, and down 0.4 days compared to one year ago.
In relation to petroleum derivatives, we had the following price changes during the week:
| Product (NY Harbor) |
Price per gallon |
% Change |
US$ Change 1 Year |
| Conventional Gasoline | US$ 2.130 | -15.94% | US$ -0.593 |
| Heating Oil | US$ 2.897 | -5.39% | US$ -1.561 |
| Diesel Fuel (Ultra-low-sulfur) | US$ 2.994 | -5.31% | US$ -1.664 |
| Kerosene | US$ 2.869 | -0.86% | US$ -0.736 |
Natural Gas
The Henry Hub spot price rose by US$ 0.490 from October 24, to close at US$ 3.340 MMBtu on October 31. Compared to one year ago, the NG price decreased by US 1.310 MMBtu.
The total supply of U.S. natural gas was 115.8 billion cubic feet in the week ending on 10/31, which is 0.3 bcf/d less than a week ago and 1.6 bcf/d more than a year ago. Concerning U.S. demand, the last measured week reached 81.5 bcf/d, up 11.1 bcf/d from a week ago and up 2.4bcf/d during a year.
Electricity
The most recent U.S. price indicators for electricity (08/2023) indicate an average residential retail price of US$ 15.93/kWh (2.44% in one year), an average industrial price of US$ 8.82/kWh (8.35% in one year) and an average transportation price of 13.13/kWh (13.58% in one year).
Electricity Generation (Megawatthours - daily average):
| Source | 10/31/2023 | % Change 1 Week | % Change 1 Year |
|---|---|---|---|
| Wind | 42,875 | -6.80% | -46.31% |
| Solar | 17,214 | 47.14% | 72.63% |
| Hydro | 24,711 | 23.72% | 4.73% |
| Other | 6,756 | 34.82% | -30.81% |
| Petroleum | 133 | -55.27% | -85.49% |
| Natural Gas | 177,222 | 10.30% | 17.19% |
| Coal | 86,308 | 29.02% | 36.97% |
| Nuclear | 78,666 | 19.95% | -1.55% |
| Total | 433,885 | 15.35% | 3.74% |
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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