Planck E PressCenter


Energy Report 9-7 to 9-13 2022


Location: Amsterdam, Netherlands
Date published: 2022-09-14
Date modified: 2022-09-14
Reading time: 00:02:02
Energy Report 9-7 to 9-13 2022

Crude Oil

In the week between September 7 and 13, 2022, the WTI (Western Texas Intermediate) crude oil contracts were traded at US$87.27, losing US$0.02 in a week, but US$17.45 more than a year ago.  The spread with Brent Crude Oil Spot Price on September 12, was US$5.27.  U.S. oil production averaged 12.075 million barrels per day, maintaining parity with 1 week ago, but .1.350MMB/D more than 1 year ago.

Crude oil imports to the U.S. equated to 6.017MMB/D, down 0.085MMB/D from one week ago and up 0.157MMB/D compared to one year back.  On the other hand, U.S. crude oil exports reached 3.773MMB/D, 0.371MMB/D down from one week ago and exceeding 1.068MMB/D relative to one year ago.

U.S. crude oil refinery inputs reached 16.111MMB/D, down 100KBPD from one week ago and up 936KBPD compared to the same period last year.

Regarding the number of days of crude oil supply in the U.S., the week of 09/09/22 ended with the mark of 26.7, equal to one week ago and down 0.8 days compared to one year ago.

Natural Gas

The Henry Hub spot price fell by US$0.37 from September 7, to close at US$8.49/MMBtu on September 13.  Compared to one year ago, the NG price increased by US$3.10.  The total supply of U.S. natural gas was 105.7 billion cubic feet in the week ending on 9/7, which is 1.2bcf/d more than a week ago and 9.4bcf/d more than a year ago.  Concerning U.S. demand, the last measured week reached 70.1bcf/d, down 0.05bcf/d from a week ago and up 7.1bcf/d during a year.

Electricity

The most recent U.S. key indicators for electricity (June 2022) represent a total net generation of 379,680 thousand MWh (+2.5% in one year), an average residential retail price of US$0.1542/kWh (+11.3% in one year), and coal consumption of 41,589 thousand tons (-13.3% in one year).

EIA Forecast

Energy Type

Forecast 2023

WTI (dollars per barrel)

90.91

Brent (dollars per barrel)

96.91

Natural Gas (dollars per thousand cubic feet)

16.36

Electricity (cents per kilowatt-hour)

15.24

 

Fuel prices for selected countries in the EU – 9/5/22

Country

Euro (tax included)

Sweden

2.30

Portugal

1.83

Spain

1.92

Italy

1.84

France

1.78

Poland

1.61

Germany

1.16

Netherlands

2.05

Austria

1.90

 

Short news

  • EIA forecasts a record 3.6 billion cubic feet per day increase in U.S. natural gas consumption during 2022, to an average of 86.6Bcf/d for the year.
  • Distillate stocks in U.S. New England and Central Atlantic are approaching record lows.
  • 24% of U.S. electricity generation came from renewable sources in 2022.
  • OPEC believes oil export revenues to decrease in 2023

Sources: https://www.eia.gov/ and https://energy.ec.europa.eu/


Keywords

  • WTI week review
  • energy price
  • natural gas week review
  • electricity week review
  • petroleum price week review

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