January 20th 2020

YOUR WEEKLY JOLT

Martin Luther King Jr. would have been ninety-one years old on January 15th. He lived less than half that time, but his legacy continues to have a lasting influence on modern civil rights, and so much more. Today we honor his memory and commitment to the betterment of mankind.

“If you can’t fly then run, if you can’t run then walk, if you can’t walk then crawl, but whatever you do you have to keep moving forward.” – Martin Luther King Jr.

With that in mind, we present this week’s Jolt.


Heating Oil

  • Prompt-month heating oil futures decreased 3.59% for the week ending Friday, 1/17, as prices fell $0.0692 per gallon.
  • On the New York Mercantile Exchange, crude futures for delivery in February closed at $58.54 per barrel on Friday, 1/17, down 0.09% for the day, and down 0.85% for the week.

Why So Crude? Crude oil prices remained relatively stable last week as the markets settled down in the wake of geopolitical tension in the Middle East. Prices saw small decrease as gasoline and distillate inventories continued to build. Traders continue to monitor trade tensions between China and the US but most are taking a wait and see approach as phase one of the trade deal is finalized. The Baker Hughes oil rig count rebounded last week, going from 659 to 673 and indicating increased domestic production.


Natural Gas

  • Prompt-month natural gas futures decreased $0.199 for the week ending Friday, 1/17, to settle at $2.003/Dth.
  • Overall supply increased by 0.2 Bcf from the previous week. Total demand decreased by 2.8 Bcf.
  • Natural gas exports in October 2019 were 424,866 million cubic feet, compared with 306,646 million cubic feet in October 2018. This is a 38.55% increase.
  • Net withdrawals from storage totaled 109 Bcf, compared with the 5 year average net withdrawal of 184 Bcf and last year’s net withdrawal of 82 Bcf during the same week.
  • Working gas stocks total 3,39 Bcf, coming in 149 Bcf more than the five-year average and 494 Bcf more than last year at this time.

Staying Put! Natural gas inventories remain elevated as we reach the midpoint of winter. – Seeking Alpha


Electricity

  • Average peak prices in NYC decreased last week, falling $3.67 to $23.70 per MWh.
  • Average peak prices in Central NY’s Zone C increased, rising $3.12 to $21.07 per MWh.
  • Average peak prices in New Jersey’s PSE&G decreased, falling $1.44 to $22.87 per MWh.
  • Average peak prices in New Jersey’s ACE decreased, falling $1.21 to $22.60 per MWh.
  • Average peak prices in Pennsylvania’s PPL decreased, falling $1.11 to $20.03 per MWh.
  • Average peak prices in Maryland’s BGE decreased, falling $3.66 to $23.78 per MWh.
  • Calendar 2020 prices in NYC decreased $1.36 per MWh, and Zone C prices decreased $1.13 per MWh.
  • Calendar 2020 prices in PSE&G decreased $0.85 per MWh, and ACE prices decreased $0.77 per MWh.
  • Calendar 2020 prices in PPL decreased $0.75 per MWh.

Like What? Watch scientists use electricity to herd skin cells like sheep. – Science Mag


Technology

2020 Vision? Augmented reality is cool and all, but it’s hard to shake the idea that staring at our smartphone screens isn’t the optimal way to experience AR. Startup Mojo Vision has developed augmented reality contact lenses that promise to make viewing AR content a whole lot more seamless. – Digital Trends


Marathon Cares

Helping Our Veterans! Marathon Energy’s team member Stephanie Leggio, her husband, and a network of friends, collected and delivered gently-used coats and jackets for the United States Veterans Initiative. Stephanie’s family boasts a a long line of servicemen, so giving back is a way they can show appreciation for the sacrifices of Veterans and their families.

Remember, if you or your company are involved in helping your community, please let us know by emailing us here. After all, Marathon Cares.