May 18th 2020
YOUR WEEKLY JOLT
Thinking back on our own commencements from high school and even college, it seems implausible that this year’s graduates won’t get to hear their name called, then awkwardly walk the stage to shake a few clammy hands and grab their hard-earned diplomas.
Obviously this time of distance and quarantine comes with all kinds of concessions. We simply want to throw our figurative cap high in the air, to celebrate and honor the efforts of students everywhere. Your hustle is noted, your dedication admired, and your digital diplomas are real. We wish you all the luck in the world.
Now for this week’s Jolt.
- Prompt-month heating oil futures increased 2.25% for the week ending Friday, 5/15, as prices rose $0.0203 per gallon.
- On the New York Mercantile Exchange, crude futures for delivery in June closed at $29.44 per barrel on Friday, 5/15, up 6.47% for the day, and up 19.05% for the week.
Why So Crude? Crude oil prices rose last week and jumped again on Monday, trading around $32.50 a barrel. The market saw strong gains to begin the week as investors displayed confidence that production cuts and loosened social distancing requirements would push the balance between supply and demand back towards normalcy. Further boosting prices were reports that OPEC+ could extend supply cuts it agreed upon earlier this spring to last through the rest of the year. U.S. drilling activity has also seen a drastic reduction with the Baker Hughes oil rig count falling for the seventh straight week, going from 292 to 258. Total rigs are now down more than 62% since mid-March, reaching levels not seen since 2009.
- Prompt-month natural gas futures decreased $0.177 for the week ending Friday, 5/15, to settle at $1.646/Dth.
- Overall supply increased by 0.8 Bcf from the previous week. Total demand increased by 5.5 Bcf.
- Natural gas exports in February 2020 were 452,315 million cubic feet, compared with 329,954 million cubic feet in February 2019. This is a 37.08% increase.
- Net injections into storage totaled 103 Bcf for the week ending 5/8.
- Working gas stocks total 2,422 Bcf, coming in 49% higher than the year-ago level and 21% higher than the five-year average.
Looking At The Numbers. The EIA has recently released natural gas monthly statistics for February 2020
. Year-over-year average daily rate of consumption of dry natural gas in February 2020 decreased in three of the four consuming sectors. – Seeking Alpha
- Average peak prices in NYC decreased last week, falling $1.02 to $16.09 per MWh.
- Average peak prices in Central NY’s Zone C decreased, falling $1.38 to $14.46 per MWh.
- Average peak prices in New Jersey’s PSE&G decreased, falling $0.91 to $15.89 per MWh.
- Average peak prices in New Jersey’s ACE decreased, falling $1.02 to $15.44 per MWh.
- Average peak prices in Pennsylvania’s PPL decreased, falling $1.11 to $15.18 per MWh.
- Average peak prices in Maryland’s BGE decreased, falling $1.51 to $20.45 per MWh.
- Calendar 2020 prices in NYC decreased $1.41 per MWh, and Zone C prices decreased $1.31 per MWh.
- Calendar 2020 prices in PSE&G decreased $1.19 per MWh, and ACE prices decreased $1.05 per MWh.
- Calendar 2020 prices in PPL decreased $1.05 per MWh.
Visual Prosthetics. Scientists sent patterns of electricity coursing across people’s brains
, coaxing their brains to see letters that weren’t there. The experiment worked in both sighted people and blind participants who had lost their sight in adulthood, according to the study. – Live Science
|Image: The Spoon
|Since We’re Cooking More. Samsung’s Whisk team created Cook Magic
, a text-messaging based recipe app that allows you to simply text your list of ingredients and it responds with a link to a recipe. – The Spoon
❤️ It is National EMS Week (May 17th-23rd) and we are giving a standing ovation of gratitude to all our EMS workers. Thank you for all that you do.