October 14th 2019


A record 15 million people (roughly 1 in 10 filers) received a six-month extension for their 2018 returns, according to the Internal Revenue Service. Guess what? Hopefully you’re not really wondering. Those returns are due today. On the bright side, if you’re getting a tax refund, you’ll have the money before the holidays (3 weeks, on average).


Obviously there is no penalty for reading this week’s Jolt, even if you can’t get to it until tomorrow.

Heating Oil

  • Prompt-month heating oil futures increased 3.33% for the week ending Friday, 10/11, as prices rose $0.0631 per gallon.
  • On the New York Mercantile Exchange, crude futures for delivery in November closed at $54.70 per barrel on Friday, 10/11, up 1.52% for the day, and up 3.58% for the week.

Why so crude? Crude oil prices rose last week but fell slightly on Tuesday, trading around $53.50 a barrel. News that the U.S. and China reached a partial trade deal late last week supported the market, with China promising to buy more American-made agricultural products and the U.S. pulling back on additional tariffs that they had planned. Ongoing turmoil in the Middle East also boosted prices as Turkey’s incursion into northern Syria prompted President Trump to impose sanctions and demand a stop to the operation. Weak economic data out of China tempered gains as investors questioned global oil demand. The Baker Hughes oil rig count rose last week, going from 710 to 712 and indicating increased domestic production.

Natural Gas

  • Prompt-month natural gas futures decreased $0.072 for the week ending Friday, 10/11, to settle at $2.28/Dth.
  • Overall supply decreased by 0.6 Bcf from the previous week. Total demand decreased by 2.6 Bcf.
  • Natural gas exports in July 2019 were 391,082 million cubic feet, compared with 305,997 million cubic feet in July 2018. This is a 27.81% increase.
  • Net injections into storage totaled 98 Bcf, compared with the 5 year average net injections of 89 Bcf and last year’s net injections of 91 Bcf during the same week.
  • Working gas stocks total 3,415 Bcf, coming in 9 Bcf less than the five-year average and 472 Bcf more than last year at this time.

Northeast Natural Gas Spot Prices Fall As Pipelines Fill!  Natural gas flowing out of the Northeast region into the rest of the United States averaged more than 16 billion cubic feet per day (Bcf/d) during September—between 1 Bcf/d and 2 Bcf/d more than in previous months, according to data from Genscape. The movement of natural gas has increased as spot prices declined in the Northeast and as production in Appalachia continues to grow. – U.S. Energy Information Administration


  • Average peak prices in NYC decreased last week, falling $3.76 to $21.04 per MWh.
  • Average peak prices in New Jersey’s PSE&G decreased, falling $4.72 to $17.85 per MWh.
  • Average peak prices in Central NY’s Zone C decreased, falling $2.12 to $15.92 per MWh.
  • Calendar 2020 prices in NYC decreased $0.55 per MWh, and PSE&G prices decreased $0.26 per MWh.
  • Calendar 2020 prices in Zone C decreased $0.25 per MWh

Putting Out Fires! California Governor Gavin Newsom said on Monday that utility Pacific Gas and Electric should be held accountable for mismanaging last week’s widespread power shutoffs and urged the company to provide credits or rebates to affected customers. The utility, a unit of PG&E, cut off electricity to more than 730,000 homes and workplaces in northern California last week in a bid to reduce wildfire risks posed by extremely windy, dry weather. – CNBC


Google’s big 2019 hardware event has concluded. The company announced a bunch of products, including the Pixel 4 and Pixel 4 XL, new Pixel Buds, Stadia, Nest Wifi, Nest Mini, and Pixelbook Go. – The Verge