April 27th 2020
YOUR WEEKLY JOLT
The Jolt is still dedicated to sharing uplifting news and positive energy, despite what is happening in our industry and around the world.
With that in mind, we simply want to recognize one of the silver linings that comes with this quarantine: Family. Sheltering in place with parents, grandparents, siblings, children, and even friends, has paved the way for generations of people around the planet to catch up, reconnect, and share in perhaps the most under-appreciated commodity on the planet: Time.
We know that kids who are home from college and isolated from their friends would not typically choose their parents and a jigsaw puzzle as their Saturday evening activity; we’re just honoring the in-person, almost old-fashioned moments that are happening between humans during this odd time of social distance from so many other people. We’re certain that a new appreciation for spending time with family will survive, long after the coronavirus, encouraging those of us stuck together to maintain better relationships (after we take a needed break), while motivating many who are currently separated, to come together.
Our family sends your family deep appreciation during this time of crisis and the occasional silver lining. Now for this week’s Jolt.
- Prompt-month heating oil futures decreased 32.51% for the week ending Friday, 4/24, as prices fell $0.311 per gallon.
- On the New York Mercantile Exchange, crude futures for delivery in May closed at $16.82 per barrel on Friday, 4/24, flat for the day, and down 7.89% for the week.
Why So Crude? Crude oil prices dropped last week and extended their losses on Monday, trading around $12 a barrel. Storage worries returned and sank crude oil prices as investors feared that output cuts in the U.S. and abroad would not be enough to match the collapse in demand caused by the COVID-19 pandemic. Floating crude oil storage remained at an all-time high of 160 million barrels while U.S. crude inventories rose to 518.6 million barrels, approaching the record of 535 million barrels set in 2017. This week will see the start of 9.7 million barrels a day of production cuts by OPEC and its allies for May and June, though there are signs that some countries began cutting output earlier due to the state of the market. The Baker Hughes oil rig count dropped significantly for the fourth straight week, going from 438 to 378 and indicating decreased domestic production.
- Prompt-month natural gas futures decreased $0.007 for the week ending Friday, 4/24, to settle at $1.746/Dth.
- Overall supply decreased by 0.7 Bcf from the previous week. Total demand decreased by 2.2 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 injections into storage totaled 43 Bcf, compared with the 5 year average net injection of 49 Bcf and last year’s net injection of 92 Bcf during the same week.
- Working gas stocks total 2,140 Bcf, coming in 364 Bcf more than the five-year average and 827 Bcf more than last year at this time.
Energy Superpower. As COVID-19 has decimated demand, sunk prices, and disrupted supply chains
around the world, all energy industries are struggling right now. But, never forget that our current situation is just that: a temporary calamity that will one day pass. For the U.S., what we are sure about is that our status as a global energy superpower is really just starting. – Forbes
- Average peak prices in NYC increased last week, rising $1.02 to $17.44 per MWh.
- Average peak prices in Central NY’s Zone C increased, rising $1.88 to $13.17 per MWh.
- Average peak prices in New Jersey’s PSE&G increased, rising $1.81 to $18.20 per MWh.
- Average peak prices in New Jersey’s ACE increased, rising $1.87 to $18.06 per MWh.
- Average peak prices in Pennsylvania’s PPL increased, rising $2.08 to $18.17 per MWh.
- Average peak prices in Maryland’s BGE decreased, falling $0.99 to $19.73 per MWh.
- Calendar 2020 prices in NYC increased $0.49 per MWh, and Zone C prices increased $0.58 per MWh.
- Calendar 2020 prices in PSE&G increased $0.44 per MWh, and ACE prices increased $0.38 per MWh.
- Calendar 2020 prices in PPL increased $0.38 per MWh.
Light It Up Blue. Hundreds of buildings across the country lit up blue on April 9th
to say thank you to those on the front lines. From Madison Square Garden to Broadway marquees, the Kosciuszko Bridge to One World Trade, New York City was shining bright blue. – CBSN
|Image: The Verge
|It’s A Virtual Party. Facebook is rolling out a suite of new products to expand its capabilities
in video chat. The company announced Messenger Rooms, a tool for starting virtual hangouts with up to 50 people and allowing friends to drop in on you whenever they like. – The Verge
❤️ These co-workers lived in a factory for 28 days to make millions of pounds of materials for face masks and surgical gowns. Check out the story here.