Planck E PressCenter - Reports
Energy Week in Review #63/2024
Date published: 2024-01-25
Date modified: 2024-01-25
Reading time: 00:02:09
Crude Oil
Between January 17 and January 23, 2024, the WTI (Western Texas Intermediate) crude oil contracts closed trading at US$ 75.26, gaining 3.6% in a week, and US$ 4.52 less than a year ago. The spread with Brent Crude Oil Spot Price on January 23, was US$6.44.
U.S. oil production averaged 12.300 million barrels per day, 7.52% less than 1 week ago, but 0.100 MMB/D more than 1 year ago.
Crude Oil and Petroleum Products imports to the U.S. equated to 7.201 MMB/D, down 2.190 MMB/D from one week ago and a decrease of 2.103 MMB/D compared to one year back. On the other hand, U.S. Crude Oil and Petroleum exports reached 10.763 MMB/D, 0.649 MMB/D down from one week ago and exceeding 1.493 MMB/D relative to one year ago.
U.S. crude oil refinery net inputs reached 15.276 MMB/D, down 1.377 MMB/D from one week ago and up 0.315 MMB/D compared to the same period last year.
Regarding the number of days of crude oil supply in the U.S., the week ended with the mark of 25.8, 0.1 days less than one week ago, and down 4.7 days compared to one year ago.
In relation to petroleum derivatives, we had the following price changes during the week:
| Product (NY Harbor) |
Price per gallon |
% Change |
US$ Change 1 Year |
| Conventional Gasoline | US$ 2.206 | 0.82% | US$ -0.478 |
| Heating Oil | US$ 2.596 | 1.84% | US$ -0.570 |
| Diesel Fuel (Ultra-low-sulfur) | US$ 2.689 | 6.75% | US$ -0.685 |
| Kerosene | US$ 2.594 | 0.58% | US$ -1.202 |
Natural Gas
The Henry Hub spot price fell by US$ 0.710 from January 16, to close at US$ 2.150 MMBtu on January 23. Compared to one year ago, the NG price decreased by US 0.940 MMBtu.
The total supply of U.S. natural gas was 112.8 billion cubic feet in the week ending on 01/23, which is 5.1 bcf/d less than a week ago and 1.7 bcf/d less than a year ago. Concerning U.S. demand, the last measured week reached 114.0 bcf/d, up 11.8 bcf/d from a week ago and up 2.4bcf/d during a year.
Electricity
The most recent U.S. price indicators for electricity (10/2023) indicate an average residential retail price of US$ 16.21/kWh (4.78% in one year), an average industrial price of US$ 8.09/kWh (-2.76% in one year) and an average transportation price of 13.88/kWh (12.30% in one year).
Electricity Generation (Megawatthours - daily average):
| Source | 01/23/2024 | % Change 1 Week | % Change 1 Year |
|---|---|---|---|
| Wind | 17,879 | -66.24% | -69.97% |
| Solar | 7,024 | -45.11% | -30.58% |
| Hydro | 28,634 | -18.47% | -9.09% |
| Other | 8,848 | -25.01% | -12.81% |
| Petroleum | 419 | -81.58% | -60.23% |
| Natural Gas | 215,386 | -8.40% | 19.88% |
| Coal | 111,730 | -19.24% | 23.60% |
| Nuclear | 93,849 | -1.06% | -2.47% |
| Total | 483,769 | -17.06% | 1.07% |
EIA Price Forecast
|
Energy Type |
Forecast 12/2025 |
|
WTI (dollars per barrel) |
73.50 |
|
Brent (dollars per barrel) |
78.00 |
|
Natural Gas (dollars per thousand cubic feet) |
3.55 |
|
Electricity - Residential Retail (cents per kilowatt-hour) |
15.36 |
Fuel prices in the European Union – January 23, 2024
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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