| Week Beginning February 13, 2023Last night, the two best teams in the NFL faced off in Arizona for the Super Bowl. However, most people say they tuned in just for the commercials. NPR breaks down the best and worst of this year’s commercials. |
| Russia said it would cut oil production by 500,000 barrels per day, beginning in March, which equates to 5% of its exports. According to the International Energy Agency, Russia’s crude output was down nearly 10 million barrels per day. Heating oil prices on the East Coast are down $0.194 to $4.479 per gallon. That is still up $0.564 per gallon from this time last year. Gasoline prices have gone down about six cents per gallon on the East Coast to $3.406 per gallon from $3.466 per gallon last week. Diesel prices were down eight cents per gallon on the East Coast this week, making the cost of a gallon of diesel $4.752. Propane is down a fraction of a cent on the East Coast to $3.414 per gallon. Compared to this time in 2022, propane is about 10 cents cheaper per gallon. |
| The NYMEX natural gas futures closed the week with a gain after pushing higher during four of the five trading days last week. A blast of cold air and wintry conditions are forecast for the northwestern and central states later this week, with winter storm conditions expected over the weekend. However, warmer than normal temperatures are expected for much of the eastern half of the country during the 6-10 day range. Production levels remain strong, averaging around 100 to 102 Bcf/d. FERC gave Freeport LNG permission to resume loading ships from one of its three docks. The plant has not received approval to restart operations yet, which is required before LNG production and shipments may resume after a fire at the terminal in June 2022 took it offline. |
| Power forwards were up $1/MWh last week for the 12-month strip. NYISO UCAP had some significant downward movement in the outer years for Zones G, H, I, and NYC, however, the market continues to lack liquidity. PJM RECs were flat. |
| Vehicle manufacturers are working to make EV trucks more durable in the long-haul. Right now, most medium-duty EV trucks average 200 to 240 miles per charge, depending on terrain and load. |