|Week Beginning November 7, 2022Powerball fever is taking over the country. Monday night’s drawing is expected to be $1.9 BILLION, the largest in lotto history. If you win and choose the lump sum, you’ll bring home $929 million.|
|Heating oil prices are up $0.137 per gallon from last week to $5.863 per gallon on the East Coast.|
Gasoline has gone up slightly from last week. The average price per gallon on the East Coast is $3.522, up $0.041 per gallon from the previous week.
Diesel prices are up slightly from last week, as well. On the East Coast, the average is $5.400 per gallon, up $0.020 per gallon from last week.
There has been minimal movement in price when it comes to propane. The average along the East Coast is $3.409 per gallon, up $0.010 per gallon from last week.
|The NYMEX 12-month strip rose $0.49/dth on the week. On the supply side, production has averaged about 96 Bcf/day this month, down from October’s very strong 97.2/day, but still enough to provide a ceiling to price levels. This strong production has helped storage levels reduce deficits to the five-year average as last week’s injection of 107 Bcf boosted levels to 3.501 Tcf, just 3.7% below the five-year average. Higher than average temperatures through mid-November should allow for a longer than normal injection season and wipe that deficit away by mid-month. The price rise last week could have been a function of the market deciding the recent $4.90/dth price level was the floor and reactions to the second half of November looking more seasonal, with NYC highs dropping down to about 50 degrees.|
Price movement this week will continue to be impacted by near term and longer term weather forecasts as the market weighs a very mild start to November, followed by a cooling pattern and then milder forecasts for December.
|Power forwards were relatively flat for the week, however, with Friday’s higher close and another sharp increase Monday morning, prices will be up significantly. NYC UCAP had some gains in the outer years and is continuing its trend upward, while ROS jumped up a bit for this winter and next. NJ Class 2 RECs were up about 10%, with just some slight movement elsewhere.|
|The American Clean Power Association has released its third quarter insight report, where it projects that the United States will deploy 550 GW of new renewable energy projects by 2030.|