April 6th 2020
YOUR WEEKLY JOLT
Again, we’re simply reaching deep to put a positive spin on our weekly Jolt, as many in the Tri-State area, around the country, and the world, face the possibility of unprecedented loss. The truth is, we’re all in this together, even as we self-isolate and social distance. New York’s breaking heart is everyone’s shared suffering, just as we New Yorkers feel the tug and trauma impacting other cities, states, and nations.
We’re in this together, through the grief, the challenges, and the road to recovery. We’re in this together, as we work to support customers, and each other.
Now for this week’s Jolt.
- Prompt-month heating oil futures increased 0.24% for the week ending Friday, 4/3, as prices rose $0.0026 per gallon.
- On the New York Mercantile Exchange, crude futures for delivery in May closed at $28.33 per barrel on Friday, 4/3, up 14.28% for the day, and up 31.28% for the week.
Why So Crude? Crude oil prices jumped higher last week but retreated on Monday, trading around $26.50 a barrel. Investors reacted with optimism to President Trump’s remarks that he expected world oil producers to resume production cuts in an attempt to balance the heavily oversupplied market. Trump tweeted on Thursday that he had arranged a deal for Saudi Arabia, Russia, and other oil nations to cut between 10 million and 15 million barrels of daily world output. Prices also gained support from data from Baker Hughes showing that U.S. drillers had sharply cut the number of rigs actively pumping from 624 to 562, the most in a week since 2015. News that the planned meeting between major oil exporters had been postponed several days amid a war of words between Russia and Saudi Arabia disappointed investors and caused prices to fall to begin the week.
- Prompt-month natural gas futures decreased $0.05 for the week ending Friday, 4/3, to settle at $1.621/Dth.
- Overall supply decreased by 0.7 Bcf from the previous week. Total demand decreased by 5.3 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 withdrawals from storage totaled 19 Bcf, compared with the 5 year average net withdrawal of 19 Bcf and last year’s net injection of 6 Bcf during the same week.
- Working gas stocks total 1,986 Bcf, coming in 292 Bcf more than the five-year average and 863 Bcf more than last year at this time.
Keep A Lid On It. It is possible that cheap prices, cooler weather and a possible bottom in crude oil
are providing support for natural gas, but until the new case coronavirus curve begins to flatten, demand destruction will continue to keep a lid on prices. – FX Empire
- Average peak prices in NYC decreased last week, falling $0.77 to $16.90 per MWh.
- Average peak prices in Central NY’s Zone C decreased, falling $0.72 to $15.59 per MWh.
- Average peak prices in New Jersey’s PSE&G decreased, falling $0.44 to $16.65 per MWh.
- Average peak prices in New Jersey’s ACE decreased, falling $0.57 to $16.38 per MWh.
- Average peak prices in Pennsylvania’s PPL decreased, falling $0.05 to $16.65 per MWh.
- Average peak prices in Maryland’s BGE decreased, falling $2.38 to $18.72 per MWh.
- Calendar 2020 prices in NYC decreased $0.06 per MWh, and Zone C prices increased $0.06 per MWh.
- Calendar 2020 prices in PSE&G decreased $0.24 per MWh, and ACE prices decreased $0.22 per MWh.
- Calendar 2020 prices in PPL decreased $0.22 per MWh.
Honoring Our Heroes. The iconic New York City landmark, the Empire State Building, will light up red each night
and spin to pay tribute to all the heroes on the frontline of the coronavirus epidemic. – NBC
Tech For Good. Marcus Chu, a 16-year-old teenager from Manila, is using his 3D printer to make face shields for frontline medical workers battling the novel coronavirus. – Mashable
❤️ 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.
“While walking through our neighborhood to get some fresh air, we noticed many houses hanging beautiful thank you messages and pictures in their windows which were a very uplifting and powerful reminder that we are in this together.”