October 7th 2019
YOUR WEEKLY JOLT
According to the research, Monday is the 2nd most productive day of the week, behind Tuesday. Some say it’s the blank slate that makes the beginning of the week easier to navigate, and therefore more packed with efficiencies and accomplishments. Others attribute burnout on the other side of Hump Day to a reduction in both happiness and productivity. There are lots of different theories, and lots of ways to change the paradigm.
This weekly Jolt of positive energy happens to be ours. May all your days be fruitful, rewarding and fun.
- Prompt-month heating oil futures decreased 2.14% for the week ending Friday, 10/4, as prices fell $0.0415 per gallon.
- On the New York Mercantile Exchange, crude futures for delivery in November closed at $52.81 per barrel on Friday, 10/4, up 0.99% for the day, and down 5.54% for the week.
Why so crude? Crude oil prices fell last week but recouped some of their losses on Monday, trading around $54 a barrel. The market reacted bullishly to news that the U.S. would no longer protect anti-regime Kurdish rebels in Syria as geopolitical tensions in the region remained high. Prices were kept in check by lingering fears of a global economic recession after a series of discouraging data from the manufacturing sector was released last week. Both OPEC and the International Energy Agency have steadily reduced their oil demand growth forecasts since the summer, creating concerns among investors. The Baker Hughes oil rig count fell again last week to reach a two-year low, going from 713 to 710 and indicating decreased domestic production.
- Prompt-month natural gas futures decreased $0.052 for the week ending Friday, 10/4, to settle at $2.352/Dth.
- Overall supply increased by 1.2 Bcf from the previous week. Total demand increased by 2.1 Bcf.
- Natural gas exports in July 2019 were 391,082 million cubic feet, compared with 305,997 million cubic feet in July 2018. This is a 27.81% increase.
- Net injections into storage totaled 112 Bcf, compared with the 5 year average net injections of 83 Bcf and last year’s net injections of 91 Bcf during the same week.
- Working gas stocks total 3,317 Bcf, coming in 18 Bcf less than the five-year average and 465 Bcf more than last year at this time.
Natural Gas Reserves Continue To Soar! Ever since the U.S. shale revolution took flight in 2008, it’s been a consistent theme: not just rising natural gas production but also rising proven natural gas reserves. In fact, over the past decade, the U.S. Department of Energy reports that our proven gas reserves have ballooned nearly 85% to almost 450 trillion cubic feet (Tcf). It’s all turned the previous pre-shale notion that reserves were dwindling and production was in permanent decline on its head. – Forbes
- Average peak prices in NYC decreased last week, falling $1.16 to $24.80 per MWh.
- Average peak prices in New Jersey’s PSE&G decreased, falling $0.83 to $22.56 per MWh.
- Average peak prices in Central NY’s Zone C decreased, falling $2.70 to $18.04 per MWh.
- Calendar 2020 prices in NYC increased $0.52 per MWh, and PSE&G prices increased $0.82 per MWh.
- Calendar 2020 prices in Zone C increased $0.47 per MWh.
How Much Electricity Does An American Home Use? In 2018, the average annual electricity consumption for a U.S. residential utility customer was 10,972 kilowatthours (kWh), an average of about 914 kWh per month. Tennessee had the highest annual electricity consumption at 15,394 kWh per residential customer, and Hawaii had the lowest at 6,213 kWh per residential customer. – U.S. Energy Information Administration
Technological efficiencies will result in the biggest reduction in headcount across the U.S. banking industry in its history, with an estimated 200,000 job cuts over the next decade, Wells Fargo & Co. said in a report. – Bloomberg