April 20th 2020
By now, you’ve likely discovered how to WFH in style, and even unearthed the magic of a custom ZOOM virtual background. If not, get instructions here.
As social distancing measures begin to seem like commonplace, the landscape of our personal and professional lives continues to change. The same is true for all of us at Energo: teams have been remote for a month, while essential employees in the field operate in full accordance with CDC guidelines, ensuring the safety of customers. It’s certainly not a world we imagined, but we’re making it work.
In the same way, we’re here to put some positive energy into helping your business run, starting with this week’s Jolt.
- Prompt-month heating oil futures decreased 1.62% for the week ending Friday, 4/17, as prices fell $0.0158 per gallon.
- On the New York Mercantile Exchange, crude futures for delivery in May closed at $18.24 per barrel on Friday, 4/17, down 8.80% for the day, and down 19.75% for the week.
Why So Crude? Crude oil prices dropped last week and continued to freefall on Monday, trading around $11 a barrel. The May futures contract for U.S. crude touched the lowest level since the late 1990s as they plunged 40% a day ahead of expiration. The evaporation of global demand due to the COVID-19 pandemic has added to a glut of crude oil that is threatening to fill up all available storage, and the impact of production cuts from OPEC+ will not be felt in time for the current delivery. There is a record 160 million barrels of crude being held on tankers around the world, well above the previous high of 100 million barrels stored at sea during the 2009 financial crisis. The Baker Hughes oil rig count dropped for the third straight week, going from 504 to 438 and indicating decreased domestic production.
- Prompt-month natural gas futures increased $0.020 for the week ending Friday, 4/17, to settle at $1.753/Dth.
- Overall supply increased by 0.9 Bcf from the previous week. Total demand increased by 1.3 Bcf.
- Natural gas exports in January 2020 were 507,117 million cubic feet, compared with 364,787 million cubic feet in January 2019. This is a 39.02% increase.
- Net injections into storage totaled 73 Bcf, compared with the 5 year average net injection of 27 Bcf and last year’s net injection of 73 Bcf during the same week.
- Working gas stocks total 2,097 Bcf, coming in 370 Bcf more than the five-year average and 876 Bcf more than last year at this time.
- Average peak prices in NYC increased last week, rising $0.27 to $16.42 per MWh.
- Average peak prices in Central NY’s Zone C decreased, falling $1.09 to $11.29 per MWh.
- Average peak prices in New Jersey’s PSE&G increased, rising $1.25 to $16.39 per MWh.
- Average peak prices in New Jersey’s ACE increased, rising $1.43 to $16.19 per MWh.
- Average peak prices in Pennsylvania’s PPL increased, rising $1.19 to $16.10 per MWh.
- Average peak prices in Maryland’s BGE increased, rising $0.33 to $20.72 per MWh.
- Calendar 2020 prices in NYC increased $0.16 per MWh, and Zone C prices decreased $0.02 per MWh.
- Calendar 2020 prices in PSE&G increased $0.12 per MWh, and ACE prices increased $0.11 per MWh.
- Calendar 2020 prices in PPL increased $0.10 per MWh.
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❤️ Thank you for all of our readers who sent in positive stories! We love reading about positivity in our communities during this time. To submit your story, simply reply to this email.
“It’s no shocker that birthdays everywhere aren’t able to be celebrated in the typical fashion most people like to. This year, for my cousin’s birthday, the entire family coordinated with his wife and jumped on a Zoom call ahead of him entering the room. When he did, we all yelled ‘surprise!’ He had no idea. And, it was the first time we were all able to celebrate his birthday together in a very long time considering most of us are in different states.”