- Prompt-month heating oil futures increased 5.78% for the week ending Friday, 9/20, as prices rose $0.1085 per gallon.
- On the New York Mercantile Exchange, crude futures for delivery in October closed at $58.09 per barrel on Friday, 9/20, down 1.02% for the day, and up 6.00% for the week.
Why so crude? Crude oil prices rose last week and were up slightly on Monday, trading around $58 a barrel. An unnamed Saudi Arabian official indicated that more time would be needed to fix the damage caused by a drone attack on one of the country’s main oil facilities, with repairs potentially taking several more months. Investors reacted bullishly to this statement as the attack knocked out half of the nation’s oil output and severely hindered Saudi oil production. Escalating tensions in the Middle East also helped to support prices as additional American troops were sent to the region in order to bolster Saudi Arabia’s air and missile defenses. The Baker Hughes oil rig count fell again last week, going from 733 to 719 and indicating decreased domestic production.
GASOLINE & DIESEL
- U.S. regular gasoline prices increased by $0.002/gallon or 0.08% from the previous week to average $2.640/gallon.
- Gasoline prices are down $0.281/gallon from a year ago.
- U.S. on-highway diesel fuel prices increased by $0.016/gallon or 0.54% from the previous week to average $2.987/gallon.
- Diesel prices are down $0.281/gallon from a year ago.
Western New York Takes A Hike! According to AAA of Western and Central New York, the average price of gas per gallon in Buffalo will increase three cents from this time last week to $2.72, while increasing two cents in Batavia (roughly halfway between Buffalo and Rochester), and a significant six cent per gallon increase in Rochester.
- Prompt-month natural gas futures decreased $0.08 for the week ending Friday, 9/20, to settle at $2.534/Dth.
- Overall supply decreased by 0.3 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 84 Bcf, compared with the 5 year average net injections of 82 Bcf and last year’s net injections of 84 Bcf during the same week.
- Working gas stocks total 3,103 Bcf, coming in 75 Bcf less than the five-year average and 393 Bcf more than last year at this time.
Home, Alone! Some 50% of U.S. homes utilize gas for heating. Apparently not enough people realize that the push for more electrification – from electric cars to port operations to heating itself – will inevitably mean more natural gas because gas is rising toward being 50% of all U.S. generation capacity. – Forbes
- Average peak prices in NYC decreased last week, falling $1.96 to $24.28 per MWh.
- Average peak prices in New Jersey’s PSE&G decreased, falling $2.34 to $22.27 per MWh.
- Average peak prices in Central NY’s Zone C increased, rising $2.07 to $21.33 per MWh.
- Calendar 2020 prices in NYC decreased $0.68 per MWh, and PSE&G prices decreased $0.76 per MWh.
- Calendar 2020 prices in Zone C decreased $0.37 per MWh.
Going The Extra Mile! Friday around noon, Three Mile Island nuclear power plant stopped producing electricity, part of Exelon Corp.’s plan to close and decommission the plant over the next 60 years. – witf
The Little Law That Made The Internet A Free For All.
In 1996, when the internet was still unexplored territory for most Americans, the U.S. Congress passed a telecommunications law that included a provision its supporters meant to protect free speech online. More than 20 years later, that provision, known as Section 230, is seen as crucial to the business models of some of the world’s most valuable companies including Facebook Inc. and Alphabet Inc.’s Google. – Bloomberg