JUNE 22ND 2020
YOUR WEEKLY JOLT
There are over 70 million fathers in the United States, whom we’ve celebrated on the third Sunday in June since 1910.
Yesterday was no exception. Whether you’re a new dad, a seasoned pro, or even a granddad, we honor the beauty and challenge of raising kids—from late night bottle feedings, to coaching little league, chaperoning dances, building tree forts, removing splinters, lugging boxes into freshman dorms, and so much more.
It’s not a job for the faint of heart. Thanks for all you do. Now for this week’s Jolt.
- Prompt-month heating oil futures increased 9.99% for the week ending Friday, 6/19, as prices rose $0.110 per gallon.
- On the New York Mercantile Exchange, crude futures for delivery in July closed at $39.75 per barrel on Friday, 6/19, up 2.34% for the day, and up 9.62% for the week.
Why So Crude? Crude oil prices rose significantly last week and continued to gain through Monday, trading around $40 a barrel. This marks the eighth weekly win in the past nine weeks. Investors were optimistic as OPEC and its allies stepped up compliance efforts on production cuts designed to balance out an oversupply of crude on the market. Gains were tempered by a resurgence of COVID-19 cases in some areas, raising questions about whether demand would rebound as quickly as many had hoped. Beijing canceled hundreds of flights on Friday in response to a possible second wave of infections, while new cases in the U.S. indicated that the country had not yet completely negotiated the first wave. The Baker Hughes oil rig count showed that the number of active rigs in the U.S. decreased for the twelfth straight week, going from 199 to 189 and indicating shrinking domestic production.
- Prompt-month natural gas futures decreased $0.062 for the week ending Friday, 6/19, to settle at $1.669/Dth.
- Overall supply increased by 0.2 Bcf from the previous week. Total demand decreased by 5.1 Bcf.
- Natural gas exports in March 2020 were 496,866 million cubic feet, compared with 373,539 million cubic feet in March 2019. This is a 33.02% increase.
- Net injections into storage totaled 85 Bcf for the week ending 6/12, compared with the five-year average net injections of 87 Bcf and last year’s net injections of 111 Bcf during the same week.
- Working gas stocks totaled 2,892 Bcf, coming in 419 Bcf higher than the five-year average and 722 Bcf more than the year-ago level.
It’s Hot Out There. Hotter weather trends over the weekend and an increase
in liquefied natural gas feed gas demand lifted natural gas futures prices in early trading Monday. – NGI
- Average peak prices in NYC decreased last week, falling $3.07 to $19.52 per MWh.
- Average peak prices in Central NY’s Zone C decreased, falling $1.84 to $18.06 per MWh.
- Average peak prices in New Jersey’s PSE&G decreased, falling $4.48 to $16.36 per MWh.
- Average peak prices in New Jersey’s ACE decreased, falling $4.84 to $15.55 per MWh.
- Average peak prices in Pennsylvania’s PPL decreased, falling $5.00 to $16.63 per MWh.
- Average peak prices in Maryland’s BGE decreased, falling $7.75 to $22.22 per MWh.
- Calendar 2020 prices in NYC increased $0.12 per MWh, and Zone C prices increased $0.07 per MWh.
- Calendar 2020 prices in PSE&G decreased $0.02 per MWh, and ACE prices decreased $0.01 per MWh.
- Calendar 2020 prices in PPL decreased $0.02 per MWh.
That’s Interesting. Studies claiming to have either self-disinfecting or ‘electric’ face masks
capable of destroying the virus have surfaced, but still awaiting endorsement of health officials. – InterestingEngineering.com
|Photo courtesy of Boston Dynamics
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