- Prompt-month heating oil futures increased 0.27% for the week ending Friday, 8/16, as prices rose $0.0048 per gallon.
- On the New York Mercantile Exchange, crude futures for delivery in September closed at $54.87 per barrel on Friday, 8/16, up 0.24% for the day, and up 0.68% for the week.
- Crude oil prices were up slightly last week and continued to rise on Monday, trading just under $56 a barrel. News of a drone attack on a Saudi Arabian oilfield by rebels from Yemen boosted the market to start the week, as geopolitical tensions appeared to be higher in the Middle East. Reports suggested it would take at least a week to repair the damage, though Saudi Aramco said production would not be affected. Crude prices also benefited from optimistic statements coming out of the trade talks between the U.S and China, indicating that the two sides may be closer to reaching an agreement. The Baker Hughes oil rig count rose for the first time in seven weeks, going from 764 to 770 and indicating increased domestic production.
Gasoline & Diesel
- U.S. regular gasoline prices decreased by $0.062/gallon or 2.24% from the previous week to average $2.710/gallon.
- Gasoline prices are down $0.211/gallon from a year ago.
- U.S. on-highway diesel fuel prices decreased by $0.021/gallon or 0.69% from the previous week to average $3.011/gallon.
- Diesel prices are down $0.206/gallon from a year ago.
- Prompt-month natural gas futures increased $0.081 for the week ending Friday, 8/16, to settle at $2.20/Dth.
- Overall supply increased by 0.1 Bcf from the previous week. Total demand decreased by 0.2 Bcf.
- Natural gas exports in May 2019 were 367,227 million cubic feet, compared with 272,116 million cubic feet in May 2018. This is a 34.95% increase.
- Net injections into storage totaled 49 Bcf, compared with the 5 year average net injections of 49 Bcf and last year’s net injections of 35 Bcf during the same week.
- Working gas stocks total 2,738 Bcf, coming in 111 Bcf less than the five-year average and 357 Bcf more than last year at this time.
- Average peak prices in NYC decreased last week, falling $5.32 to $29.31 per MWh.
- Average peak prices in New Jersey’s PSE&G decreased, falling $3.85 to $25.00 per MWh.
- Average peak prices in Central NY’s Zone C decreased, falling $4.18 to $25.19 per MWh.
- Calendar 2020 prices in NYC increased $0.09 per MWh, and PSE&G prices decreased $0.14 per MWh.
- Calendar 2020 prices in Zone C increased $0.20 per MWh.
- Temperatures in NYC averaged 0.57°F above historical figures this past week (ending 8/17), and came in 1.64°F above forecasted values. Highs for the week are expected to average around 85°F with lows averaging 70°F. Temperatures are forecasted to be 2.86°F higher than seasonal averages, and 1.64°F above last week’s average.
- Temperatures will be a bit warmer than last week’s and come in several degrees above seasonal averages. This week’s weather will be mostly sunny with high humidity and thunderstorms possible on Wednesday and Thursday. Short term forecasts show above-average temperatures in the West and Northeast with average temperatures elsewhere. Longer term forecast models are predicting above-average temperatures in the majority of the country with some areas of average and below-average temperatures in the Midwest.