YOUR WEEKLY JOLT
Whether you’re a dark meat, white meat, or tofurkey connoisseur, we wish you a bountiful Thanksgiving week. We also want to acknowledge the endless gratitude we have for our remarkable customers, incredible staffers, dedicated brokers, and the entire Marathon Energy family. Thank you! Now for your first course, our weekly Jolt.
IN THE NEWS
Listen to our very own Chris Donnellan on NYC Real Estate Podcast, hosted by Mark Levine. Chris discusses a plethora of relevant topics, and delves into the truths of how Marathon Energy services complement property owners and managers—those with firm gas and firm oil, as well as the many buildings that still have to prepare and comply with interruptible needs, which become extremely relevant heading into the winter season.
- Prompt-month heating oil futures decreased 0.95% for the week ending Friday, 11/22, as prices fell $0.0186 per gallon.
- On the New York Mercantile Exchange, crude futures for delivery in December closed at $57.77 per barrel on Friday, 11/22, down 0.93% for the day, and down 0.10% for the week.
Why so crude? Crude oil prices fell slightly last week but remained steady on Monday, trading just under $58 a barrel. The market continued to wait on news regarding a trade agreement between the U.S and China, as Chinese Vice Premier Liu He invited top American trade negotiators to a new round of face-to-face talks in Beijing. OPEC also has a meeting next week to discuss an extension of oil production cuts into mid-2020 which have provided a floor for oil prices. U.S. government data showed a slightly lower than expected build in weekly crude stockpiles, though this did little to impact prices. The Baker Hughes oil rig count fell last week, going from 674 to 671 and indicating decreased domestic production.
GASOLINE & DIESEL
- U.S. regular gasoline prices decreased by $0.023/gallon or 0.85% from the previous week to average $2.688/gallon.
- Gasoline prices are down $0.012/gallon from a year ago.
- U.S. on-highway diesel fuel prices increased by $0.001/gallon or 0.03% from the previous week to average $3.074/gallon.
- Diesel prices are down $0.208/gallon from a year ago.
Thanksgiving Gas Price Hike! If you’re hitting the road this week, you can expect to see the highest Thanksgiving gasoline pump prices in 5 years. – GasBuddy
- Prompt-month natural gas futures decreased $0.023 for the week ending Friday, 11/22, to settle at $2.665/Dth.
- Overall supply decreased by 0.4 Bcf from the previous week. Total demand decreased by 4.0 Bcf.
- Natural gas exports in August 2019 were 384,094 million cubic feet, compared with 311,449 million cubic feet in August 2018. This is a 23.32% increase.
- Net withdrawals from storage totaled 94 Bcf, compared with the 5 year average net withdrawal of 32 Bcf and last year’s net withdrawal of 109 Bcf during the same week.
- Working gas stocks total 3,638 Bcf, coming in 60 Bcf less than the five-year average and 506 Bcf more than last year at this time.
Up And Down! Arctic weather in much of the U.S. in November lifted prices for natural gas to their highest level since March, but ample U.S. supplies of the heating fuel have put the commodity on track for a loss for the month. – MarketWatch
- Average peak prices in NYC decreased last week, falling $11.10 to $28.69 per MWh.
- Average peak prices in New Jersey’s PSE&G increased, rising $2.04 to $26.12 per MWh.
- Average peak prices in Central NY’s Zone C decreased, falling $2.70 to $26.61 per MWh.
- Calendar 2020 prices in NYC decreased $0.18 per MWh, and PSE&G prices decreased $0.07 per MWh.
- Calendar 2020 prices in Zone C increased $0.37 per MWh.
Cooking Good! As Thanksgiving nears, households across the nation are firing up their stoves, cooktops, and ovens to prepare their feasts. According to data from EIA’s Residential Energy Consumption Survey (RECS), electricity is the most common fuel used for cooking, with 74.9 million households (63%) using electricity in a stove, cooktop, or oven.
Invisibility Cloak! CNET got its hands on early prototypes of Hyperstealth’s Quantum Stealth “invisibility cloak” material designed for military use. Watch how it works, how it’s made, and what it could mean for the military and the world at large. – CNET