YOUR WEEKLY JOLT
It’s time to get up close and personal with the new decade, as we endeavor to climb back in the saddle for the first full work week of 2020. Sure you stepped into a vortex, like the rest of us—endless meeting requests, looming deadlines, and an overflowing inbox.
On that note, while we know that our weekly Jolt won’t change your life, there is a lot to be said for simplified, meaningful, educational (and even entertaining) content making its way to your inbox.
Now, without further delay, we hope you enjoy this week’s Jolt.
- Prompt-month heating oil futures increased 0.46% for the week ending Friday, 1/3, as prices rose $0.0095 per gallon.
- On the New York Mercantile Exchange, crude futures for delivery in February closed at $63.05 per barrel on Friday, 1/3, up 3.06% for the day, and up 2.15% for the week.
Why So Crude? Crude oil prices rose last week and continued to increase through Monday, trading around $63 a barrel. The market reacted bullishly to news that a U.S. airstrike had killed Qassem Soleimani, the commander of Iran’s Revolutionary Guards’ Quds Force. Many Iranians are calling for revenge, significantly raising tensions in the Middle East as investors await further information. Prices also received support from U.S. inventory data which showed a large drop in crude oil stockpiles. The Baker Hughes oil rig count fell last week, going from 677 to 670 and indicating decreased domestic production.
GASOLINE & DIESEL
- U.S. regular gasoline prices increased by $0.037/gallon from the previous week to average $2.658/gallon.
- Gasoline prices are up $0.300/gallon from a year ago.
- U.S. on-highway diesel fuel prices increased by $0.028/gallon from the previous week to average $3.069/gallon.
- Diesel prices are up $0.021/gallon from a year ago.
Tensions Are High! The national gas price average held steady on the week at $2.58, but that could change depending on the movement of crude oil prices due to geopolitical concerns. – AAA
- Prompt-month natural gas futures decreased $0.101 for the week ending Friday, 1/3, to settle at $2.130/Dth.
- Overall supply increased by 0.2 Bcf from the previous week. Total demand increased by 6.3 Bcf.
- Natural gas exports in October 2019 were 424,866 million cubic feet, compared with 306,646 million cubic feet in October 2018. This is a 38.55% increase.
- Net withdrawals from storage totaled 107 Bcf, compared with the 5 year average net withdrawal of 112 Bcf and last year’s net withdrawal of 132 Bcf during the same week.
- Working gas stocks total 3,411 Bcf, coming in 9 Bcf less than the five-year average and 618 Bcf more than last year at this time.
Not Going Down Without A Fight! The natural gas markets broke down significantly during the trading session on Friday but bounced enough to show signs of life yet again. – FX Empire
- Average peak prices in NYC decreased last week, falling $2.89 to $22.16 per MWh.
- Average peak prices in Central NY’s Zone C decreased, falling $2.32 to $16.17 per MWh.
- Average peak prices in New Jersey’s PSE&G decreased, falling $0.20 to $20.29 per MWh.
- Average peak prices in New Jersey’s ACE decreased, falling $0.50 to $19.96 per MWh.
- Average peak prices in Pennsylvania’s PPL decreased, falling $0.15 to $19.24 per MWh.
- Average peak prices in Maryland’s BGE increased, rising $0.78 to $23.01 per MWh.
- Calendar 2020 prices in NYC decreased $1.99 per MWh, and Zone C prices decreased $1.02 per MWh.
- Calendar 2020 prices in PSE&G decreased $1.00 per MWh, and ACE prices decreased $0.12 per MWh.
- Calendar 2020 prices in PPL decreased $0.13 per MWh.
Shocking! What causes static electricity? The answer may shock you. – Live Science
image: The Verge
Biggest Event In Tech Starts Tomorrow! In 2020, this is what to expect in the world of consumer tech: the best stuff is going to get more powerful. And while the biggest tech companies usually save their best products for their own announcements, you can also expect CES to be a place where smaller players have a better shot at their time in the spotlight. – The Verge