September 30th 2019
YOUR WEEKLY JOLT
Although the Colorado Rockies apparently trademarked the term Rocktober, the more widely accepted public definition refers to the celebration of rock n’ roll (usually classic rock) during the month of October—which starts tomorrow. So whether you’re cranking up your favorite SiriusXM channel, telling Alexa what to play, or dusting off an actual vinyl LP, for those about to rock, we salute you.
With a wildly dramatic drum roll we bring you this week’s Jolt.
- Prompt-month heating oil futures decreased 2.25% for the week ending Friday, 9/27, as prices fell $0.0447 per gallon.
- On the New York Mercantile Exchange, crude futures for delivery in November closed at $55.91 per barrel on Friday, 9/27, down 1.06% for the day, and down 3.75% for the week.
Why so crude? Crude oil prices fell last week and continued to slide on Monday, trading around $55 a barrel. The market was bearish on news that Saudi Arabia had continued to get their oil production facilities online after they were damaged in a drone attack, with Saudi officials claiming they had reached 11.3 million barrels per day of capacity. Investors seemed unbothered by high tensions in the Middle East, though Saudi Arabia’s Crown Prince Mohammed bin Salman warned of further escalation if the world could not find a way to subdue Iranian aggression. The Baker Hughes oil rig count fell again last week, going from 719 to 713 and indicating decreased domestic production.
- Prompt-month natural gas futures decreased $0.106 for the week ending Friday, 9/27, to settle at $2.428/Dth.
- Overall supply increased by 0.6 Bcf from the previous week. Total demand decreased by 1.8 Bcf.
- Natural gas exports in June 2019 were 359,526 million cubic feet, compared with 261,995 million cubic feet in June 2018. This is a 37.23% increase.
- Net injections into storage totaled 102 Bcf, compared with the 5 year average net injections of 74 Bcf and last year’s net injections of 51 Bcf during the same week.
- Working gas stocks total 3,205 Bcf, coming in 47 Bcf less than the five-year average and 444 Bcf more than last year at this time.
2019 International Energy Outlook! Just last year alone, global gas demand jumped over 5% to a staggering 137 trillion cubic feet. That’s a Marcellus’ shale worth of production devoured every three weeks. No wonder U.S. gas generation capacity is set to jump nearly 70% to 755,000 MW by 2050. – Forbes
- Average peak prices in NYC increased last week, rising $1.68 to $25.96 per MWh.
- Average peak prices in New Jersey’s PSE&G increased, rising $1.12 to $23.40 per MWh.
- Average peak prices in Central NY’s Zone C decreased, falling $0.58 to $20.75 per MWh.
- Calendar 2020 prices in NYC increased $0.13 per MWh, and PSE&G prices increased $0.16 per MWh.
- Calendar 2020 prices in Zone C increased $0.09 per MWh.
Battery With A Twist! A team of researchers in Zurich have developed a prototype for a flexible thin-film battery that can be bent, stretched and even twisted without interrupting the supply of power. – Science Daily
With Tesla’s new software upgrade, owners who have purchased Full Self-Driving Capability or Enhanced Autopilot can enable their car to navigate a parking lot and come to them or their destination of choice, as long as their car is within their line of sight. – Tesla