- Prompt-month heating oil futures decreased 5.75% for the week ending Friday, 11/30, as prices fell $0.1122 per gallon.
- On the New York Mercantile Exchange, crude futures for delivery in January closed at $51.27 per barrel on Friday, 11/30, up 1.91% for the day, but down 4.82% for the week.
- Crude oil prices continued its slide, marking the eighth consecutive week of losses. Fears of oversupply and increasing storage inventories have driven prices off 30% from their highs back in October. A rebound may be in sight as China and the US tentatively agreed to halt their trade war after meeting at the G20 summit over the weekend. The domestic oil rig count rose by 2 to 887 last week, which has remained steady for the past 4 weeks.
- Prompt-month natural gas futures increased $0.257 for the week ending Friday, 11/30, to settle at $4.612 /Dth. December NYMEX futures settled last week at $4.715 / Dth.
- Overall supply increased 0.5 Bcf from the previous week. Total demand also increased, rising by 0.3 Bcf.
- Natural gas exports in September 2018 were 301,869 million cubic feet, compared with 250,280 million cubic feet in September 2017. This is a 20.61% increase.
- Net withdrawals from storage totaled 59 Bcf, compared with the 5 year average net withdrawals of 49 Bcf and last year’s net withdrawal of 35 Bcf during the same week.
- Net withdrawals from storage were lower than expectations with a median forecast of 70 Bcf injected. Working gas stocks total 3,054 Bcf, coming in 720 Bcf less than the five-year average and 644 Bcf less than last year at this time.
- Average peak prices in NYC decreased last week, moving down $7.49 to $43.83 per MWh. Peak prices hit a high of $61.79 between 5-6 PM last Friday, 11/30, in NYC; Average peak prices in PSE&G increased, rising $0.44 to average $37.79 per MWh, and topping out at $53.91 on Monday, 11/26, between 5-6 PM.
- Around-the-clock prices for the balance of 2019 decreased $3.26 per MWh for NYC and decreased $0.98 per MWh in PSE&G. Calendar 2020 prices in NYC decreased $0.29 per MWh, and PSEG prices decreased $0.16 per MWh.
- Temperatures averaged 0.29°F below historical figures this past week (ending 11/30), and came in 0.57°F above forecasted values. Highs for the week are expected to average around 47°F with lows averaging 39°F. Temperatures are forecasted to be 3.07°F cooler than seasonal averages, and 5.43°F below last week’s average.
- Temperatures will fall this week as a cold front pushes in bringing temperatures below seasonal averages. After rain for most of the weekend, forecasts are projecting the rest of the week will be mostly dry. Short term forecasts show below-average temperatures in the majority of the country and well below average in the Rockies. Longer term forecast models are predicting below-average to average temperatures in the Northeast with areas of above-average temperatures in much of the West and Southeast.