May 11th 2020

YOUR WEEKLY JOLT

We already acknowledged the relativity of a work from home day; which can easily surpass the typical time spent in an office, based on blurred beginnings and ends. That part can be challenging.

On the upside, regardless of how long your day, research indicates working from home increases the opportunity to solve problems and think creatively. Apparently the lack of traditional daily structure and office distractions can lead to remarkable breakthroughs—not just for individuals, but for entire teams, and companies.

We just had a rather large revelation: we miss all those office distractions, especially the people. Now for this week’s Jolt.

Heating Oil

  • Prompt-month heating oil futures increased 13.03% for the week ending Friday, 5/8, as prices rose $0.1037 per gallon.
  • On the New York Mercantile Exchange, crude futures for delivery in June closed at $24.78 per barrel on Friday, 5/8, up 6.31% for the day, and up 25.03% for the week.
Why So Crude? Crude oil prices rose significantly last week but fell on Monday, trading around $24.50 a barrel. The market reacted to news that Saudi Arabia had begun cutting their crude oil production and that they would be reducing their output by an additional one million barrels per day (bpd), bringing their total reduction to about 4.8 million bpd. The production cuts being implemented by the Organization of Petroleum Exporting Countries and its allies, along with the easing of coronavirus-related restrictions around the globe, has helped to boost prices. Crude inventories in China, the world’s biggest importer, have shrunk in recent weeks, serving as an early indicator that rebalancing in the oil market may have begun taking effect. The Baker Hughes oil rig count fell for the sixth straight week, going from 325 to 292 and indicating decreased domestic production.
Natural Gas

  • Prompt-month natural gas futures decreased $0.067 for the week ending Friday, 5/8, to settle at $1.823/Dth.
  • Overall supply decreased by 1.4 Bcf from the previous week. Total demand decreased by 10.8 Bcf.
  • Natural gas exports in February 2020 were 452,315 million cubic feet, compared with 329,954 million cubic feet in February 2019. This is a 37.08% increase.
  • Net injections into storage totaled 109 Bcf, compared with the 5 year average net injection of 74 Bcf and last year’s net injection of 96 Bcf during the same week.
  • Working gas stocks total 2,319 Bcf, coming in 395 Bcf more than the five-year average and 796 Bcf more than last year at this time.
Inventory Going Up. The Energy Information Administration reported its first triple-digit increase in natural gas inventories for the 2020 season on May 7. – Seeking Alpha
Electricity

  • Average peak prices in NYC decreased last week, falling $0.89 to $17.12 per MWh.
  • Average peak prices in Central NY’s Zone C increased, rising $0.48 to $15.84 per MWh.
  • Average peak prices in New Jersey’s PSE&G decreased, falling $1.34 to $16.80 per MWh.
  • Average peak prices in New Jersey’s ACE decreased, falling $1.49 to $16.46 per MWh.
  • Average peak prices in Pennsylvania’s PPL decreased, falling $1.79 to $16.29 per MWh.
  • Average peak prices in Maryland’s BGE increased, rising $2.37 to $21.95 per MWh.
  • Calendar 2020 prices in NYC decreased $0.26 per MWh, and Zone C prices decreased $0.06 per MWh.
  • Calendar 2020 prices in PSE&G decreased $0.16 per MWh, and ACE prices decreased $0.15 per MWh.
  • Calendar 2020 prices in PPL decreased $0.15 per MWh.
Electrical Safety Month. May is National Electrical Safety Month and the Electrical Safety Foundation International has put together a bunch of resources—check it out. – ESFI
Technology

Image: Tom Warren / The Verge
Finishing Your Sentences. Microsoft is working on a new text prediction feature for Outlook that’s similar to Gmail’s Smart Compose. The text predictions will allow Outlook.com and Outlook on the web to write emails for people using predictive tech that offers up suggestions while you type. – The Verge
Positive Energy

❤️ We are saluting all nurses around our country this week during National Nurses Week (May 6th – May 12th). Thank you for your care, kindness, and compassion. CBS put together a slide show showcasing nurses in our area. Check it out: CBS News New York

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