YOUR WEEKLY JOLT
For those early-risers who appreciate a few rays of sunshine with their coffee, the time change is a welcome adjustment. However, daylight will continue to wane until the Winter Solstice on Saturday, December 21st.
The good news is our jolt of positive energy is here to brighten your week, all year long.
HEATING OIL
- Prompt-month heating oil futures decreased 1.91% for the week ending Friday, 11/1, as prices fell $0.0376 per gallon.
- On the New York Mercantile Exchange, crude futures for delivery in November closed at $56.20 per barrel on Friday, 11/1, up 3.79% for the day, and down 0.81% for the week.
Why so crude? Crude oil prices fell slightly last week but rose on Monday, trading around $56.50 a barrel. Investors were hopeful that a trade deal between Washington and Beijing would occur after both sides said progress had been made in their protracted economic disputes. A better than expected U.S. jobs report also helped to boost the market. Finally, speculation that further production cuts from OPEC and Russia were in the works contributed to a bullish environment surrounding crude oil. The Baker Hughes oil rig count fell last week, going from 696 to 691 and indicating decreased domestic production.
GASOLINE & DIESEL
- U.S. regular gasoline prices decreased by $0.043/gallon from the previous week to average $2.692/gallon.
- Gasoline prices are down $0.204/gallon from a year ago.
- U.S. on-highway diesel fuel prices decreased by $0.014/gallon from the previous week to average $3.064/gallon.
- Diesel prices are down $0.291/gallon from a year ago.
Hold Steady! Gasoline demand numbers look more like summer than fall in the Energy Information Administration’s (EIA) latest reports. However, despite the high demand rate and a draw in U.S stocks, the national average held steady on the week at $2.60. – AAA
NATURAL GAS
- Prompt-month natural gas futures increased $0.255 for the week ending Friday, 11/1, to settle at $2.714/Dth.
- Overall supply increased by 0.1 Bcf from the previous week. Total demand increased by 1.5 Bcf.
- Natural gas exports in August 2019 were 384,094 million cubic feet, compared with 311,449 million cubic feet in August 2018. This is a 23.32% increase.
- Net injections into storage totaled 89 Bcf, compared with the 5 year average net injections of 65 Bcf and last year’s net injections of 49 Bcf during the same week.
- Working gas stocks total 3,695 Bcf, coming in 52 Bcf more than the five-year average and 559 Bcf more than last year at this time.
Winter Is Coming, Again! A natural gas futures surged last week with the move driven by colder-trending weather data. Spot prices remained under pressure late in the week despite forecasts calling for more cold in the Midwest and Northeast over the weekend. – Yahoo Finance
ELECTRICITY
- Average peak prices in NYC decreased last week, falling $1.31 to $22.98 per MWh.
- Average peak prices in Central NY’s Zone C decreased, falling $1.47 to $20.00 per MWh.
- Calendar 2020 prices in NYC increased $0.16 per MWh, and PSE&G prices increased $0.06 per MWh.
- Calendar 2020 prices in Zone C increased $0.06 per MWh.
That’s Quality Power! Electric power quality involves voltage, frequency, and waveform. Good power quality can be defined as a steady supply voltage that stays within the prescribed range, steady a.c. frequency close to the rated value, and smooth voltage curve waveform (resembles a sine wave). Without the proper power, an electrical device (or load) may malfunction, fail prematurely or not operate at all. There are many ways in which electric power can be of poor quality and many more causes of such poor quality power. – Wikipedia
TECHNOLOGY
Google Is Buying Fitbit for $2.1 Billion
Google has just announced that it’s buying wearable company Fitbit for $2.1 billion. In a blog post announcing the news, Google SVP of devices and services Rick Osterloh said that the Fitbit purchase is “an opportunity to invest even more in Wear OS as well as introduce Made by Google wearable devices into the market.” – The Verge