YOUR WEEKLY JOLT
Tryptophan anyone? If you have been in a turkey hangover throughout the weekend, now is the time to wake up. The calendar has officially turned to December (gasp!) and here in the northeast, we are wrestling with Mother Nature. From snow that is measuring in multiple feet to sheets of ice, it’s a smorgasbord of winter weather out there.Despite what it looks like out your window, we hope you enjoy this week’s Jolt.
- Prompt-month heating oil futures decreased 2.58% for the week ending Friday, 11/29, as prices fell $0.0498 per gallon.
- On the New York Mercantile Exchange, crude futures for delivery in January closed at $55.17 per barrel on Friday, 11/29, down 5.09% for the day, and down 4.50% for the week.
Why so crude? Crude oil prices fell last week but recouped some of their losses on Monday, trading around $56 a barrel. Reports that Saudi Arabia will push for greater output cuts when it meets with OPEC and non-OPEC allies later in the week helped to boost prices. Sources said that the oil producing nation will look to remove another 400,000 barrels a day (bpd) of output in addition to the 1.2 million bpd that the OPEC+ group is already withholding. Prices dropped last week due in part to Russia’s reluctance to commit to additional production cuts, as well as President Trump signing two bills to support Hong Kong protests against Beijing, which increased trade tensions between the U.S. and China. The Baker Hughes oil rig count fell last week, going from 671 to 668 and indicating decreased domestic production.
GASOLINE & DIESEL
- U.S. regular gasoline prices decreased by $0.016/gallon from the previous week to average $2.672/gallon.
- Gasoline prices are up $0.042/gallon from a year ago.
- U.S. on-highway diesel fuel prices decreased by $0.008/gallon from the previous week to average $3.066/gallon.
- Diesel prices are down $0.195/gallon from a year ago.
What Gas Hikes? Contrary to previous predictions, gas prices across the country saw minimal fluctuation with most states seeing decreases on the week. The national gas price average is $2.58 – AAA
- Prompt-month natural gas futures decreased $0.209 for the week ending Friday, 11/29, to settle at $2.47/Dth.
- Overall supply decreased by 0.4 Bcf from the previous week. Total demand decreased by 4.0 Bcf.
- Natural gas exports in September 2019 were 394,767 million cubic feet, compared with 301,746 million cubic feet in September 2018. This is a 30.83% 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.
January Thaw! Spot prices for natural gas fell sharply on Friday as forecasts for warmer weather spooked traders who were hoping for increased demand heading into what is normally a cold season in the United States. – OilPrice
- Average peak prices in NYC decreased last week, falling $4.56 to $24.14 per MWh.
- Average peak prices in New Jersey’s PSE&G decreased, falling $3.13 to $22.99 per MWh.
- Average peak prices in Central NY’s Zone C decreased, falling $6.27 to $20.35 per MWh.
- Calendar 2020 prices in NYC decreased $1.28 per MWh, and PSE&G prices decreased $0.91 per MWh.
- Calendar 2020 prices in Zone C decreased $0.78 per MWh.
White House Christmas! Benjamin Harrison was the first to have a Christmas tree in the White House in 1889, but it wasn’t until 1895—four years after the White House was wired with electricity—that Grover Cleveland requested the first family’s tree be adorned with hundreds of multi-colored bulbs. – White House History
Cyber Monday! If you’re in the market for some new tech gadgets then you have probably been waiting until today to get the best deal. Wired put together this list of the best Cyber Monday deals happening. Happy shopping! – Wired