March 30th 2020
YOUR WEEKLY JOLT
We named this email the Jolt, with the very firm intention of using it as a platform to share upbeat weekly communications and positive energy. This becomes increasingly more difficult when our towns, cities, states, nations, and planet are suffering.
Nonetheless, at Marathon Energy, we are doing everything in our power (pun intended) to keep customers safe and supported. We are honored to be part of communities that are grappling with fear and loss through an unprecedented outpouring of kindness and generosity.
Though our extensive and experienced internal team is working remotely, we stand together in our commitment to you, and to conducting our essential business. In other words, we are here if you need us. And probably wearing slippers. Now for this week’s Jolt.
- Prompt-month heating oil futures increased 6.17% for the week ending Friday, 3/27, as prices rose $0.062 per gallon.
- On the New York Mercantile Exchange, crude futures for delivery in May closed at $21.49 per barrel on Friday, 3/27, down 7.96% for the day, and down 4.11% for the week.
Why So Crude? Crude oil prices fell again last week and continued to drop on Monday, trading just above $20 a barrel. Investors displayed bearish behavior on fears that the global coronavirus shutdown could last months, pushing back the timeline for recovery in oil demand. On Sunday, President Trump announced an extension to the current guidelines on social distancing to the end of April, with the U.S.’s top infectious disease expert estimating that virus-related deaths could reach 200,000. Goldman Sachs analysts noted that crude oil consumption would likely drop by 26 million barrels, or 25%, this week as virus containment measures impact roughly 92% of global GDP. The Baker Hughes oil rig count reflected this decrease in demand, falling from 664 to 624 and indicating shrinking domestic production.
- Prompt-month natural gas futures increased $0.03 for the week ending Friday, 3/27, to settle at $1.634/Dth.
- Overall supply decreased by 0.1 Bcf from the previous week. Total demand was flat.
- Natural gas exports in December 2019 were 481,006 million cubic feet, compared with 363,458 million cubic feet in December 2018. This is a 32.34% increase.
- Net withdrawals from storage totaled 29 Bcf, compared with the 5 year average net withdrawal of 40 Bcf and last year’s net withdrawal of 39 Bcf during the same week.
- Working gas stocks total 2,005 Bcf, coming in 292 Bcf more than the five-year average and 888 Bcf more than last year at this time.
Production Going Down? Unprofitable drilling, a global recession and dwindling access to capital
could lead to a decline in U.S. natural gas production this year and next. The declines could finally set the stage for an increase in prices in 2021, according to two reports. – Yahoo Finance
- Average peak prices in NYC decreased last week, falling $0.83 to $17.67 per MWh.
- Average peak prices in Central NY’s Zone C decreased, falling $0.04 to $16.31 per MWh.
- Average peak prices in New Jersey’s PSE&G decreased, falling $0.82 to $17.10 per MWh.
- Average peak prices in New Jersey’s ACE decreased, falling $2.81 to $16.96 per MWh.
- Average peak prices in Pennsylvania’s PPL decreased, falling $2.75 to $16.70 per MWh.
- Average peak prices in Maryland’s BGE decreased, falling $3.35 to $21.11 per MWh.
- Calendar 2020 prices in NYC increased $0.08 per MWh, and Zone C prices increased $0.43 per MWh.
- Calendar 2020 prices in PSE&G increased $0.25 per MWh, and ACE prices increased $0.23 per MWh.
- Calendar 2020 prices in PPL increased $0.23 per MWh.
Merci. Since Friday night, and for every evening to come,
Paris’s most famous landmark, the Eiffel Tower, is lighting up in golden hues and broadcasting thank you messages across the City of Light to all health care workers who are battling the escalating French coronavirus outbreak. – Forbes
Become A Zoom Master. The Zoom video meeting and chat app has become the wildly popular host to millions of people working and studying from home during the coronavirus outbreak. Whether you’ve been using Zoom for years or have only just signed up, there are a number of helpful and fun tips, tricks and hidden features you can find to upgrade your video chatting experience. – cnet
Help us bring some positivity to your inboxes! We love seeing, hearing, and being a part of positivity in our communities during this time. How neighbors, friends, families, and strangers are coming together to support one another. Reply to this email with your experience and it will be featured in one of our upcoming Jolts! ❤️