March 2nd 2020
YOUR WEEKLY JOLT
It’s almost time for everyone’s favorite clock adjustment game: Daylight Savings Time. On March 8th, we’ll set the clocks ahead by one whole hour — at least the ones that don’t change automatically. This phenomenon, which was first implemented in the United States in 1918, applies less to the maximizing of daylight for tilling fields and agrarian purposes these days, but still happily nets an hour of extra sunlight, which you can do with as you please.
There are proponents for and against the adjustment of clocks. Positively speaking, springing forward has been shown to increase road safety while at the same time decreasing heart attacks. On the other hand, it has also been linked to a decrease in overall office productivity.
So it looks like we’re not having our cake and eating it too, except when it comes to this week’s Jolt.
Heating Oil
- Prompt-month heating oil futures decreased 11.60% for the week ending Friday, 2/28, as prices fell $0.1955 per gallon.
- On the New York Mercantile Exchange, crude futures for delivery in April closed at $44.74 per barrel on Friday, 2/28, down 3.81% for the day, and down 16.09% for the week.
Why So Crude? Crude oil prices fell sharply last week but rose on Monday, trading around $47 a barrel. Prices saw their biggest weekly decline since the 2008 financial crisis before recouping some of their losses to begin the week. The spread of the coronavirus continued to have a serious impact on the market as it slowed demand for crude oil and created panic among investors. Hopes that the OPEC+ alliance would deepen output cuts did help to support the market, as did expectations of a 0.5% interest rate reduction by the Federal Reserve. The Baker Hughes oil rig count decreased last week, going from 679 to 678 and indicating decreasing domestic production.
Natural Gas
- Prompt-month natural gas futures decreased $0.084 for the week ending Friday, 2/28, to settle at $1.821/Dth.
- Overall supply decreased by 0.3 Bcf from the previous week. Total demand decreased by 3.5 Bcf.
- Natural gas exports in December 2019 were 481,006 million cubic feet, compared with 363,458 million cubic feet in December 2018. This is a 32.34% increase.
- Net withdrawals from storage totaled 143 Bcf, compared with the 5 year average net withdrawal of 122 Bcf and last year’s net withdrawal of 167 Bcf during the same week.
- Working gas stocks total 2,200 Bcf, coming in 179 Bcf more than the five-year average and 637 Bcf more than last year at this time.
Bounce Back! Bearish sentiment in the natural gas market continues to dominate price action over the past week. –
Seeking Alpha
Electricity
- Average peak prices in NYC decreased last week, falling $3.85 to $21.76 per MWh.
- Average peak prices in Central NY’s Zone C decreased, falling $3.11 to $15.43 per MWh.
- Average peak prices in New Jersey’s PSE&G decreased, falling $1.23 to $19.13 per MWh.
- Average peak prices in New Jersey’s ACE decreased, falling $1.56 to $19.08 per MWh.
- Average peak prices in Pennsylvania’s PPL decreased, falling $2.17 to $18.01 per MWh.
- Average peak prices in Maryland’s BGE decreased, falling $1.34 to $22.28 per MWh.
- Calendar 2020 prices in NYC decreased $0.81 per MWh, and Zone C prices decreased $0.71 per MWh.
- Calendar 2020 prices in PSE&G decreased $0.85 per MWh, and ACE prices decreased $0.76 per MWh.
- Calendar 2020 prices in PPL decreased $0.76 per MWh.
How Is This Possible? Bitcoin uses more electricity per transaction than a British household in 2 months
. –
The Telegraph
Technology
Not Too Fishy! Today, Alphabet is announcing Tidal, an X division moonshot project with the goal of preserving the ocean’s ability to support life and help feed humanity sustainably. – The Verge