Volume 16, Issue 23 | July 22, 2019

Editor's Note

Moderating Temperatures and Prices

Weekly review for July 13 - July 19, 2019

 

On Thursday, the U.S. Energy Information Administration (EIA) reported that working gas in storage as of Friday, July 12th, 2019 was 2,533 BCF.  This was an increase of 62 BCF from the previous week and was less than what the market was expecting.  Storage levels are 291 BCF (13%) higher than a year ago, but 143 BCF (5.3%) lower than the 5 year average for this date.

After a warmer than normal beginning to July in our region, cooler than normal temperatures may be on tap.  The National Weather Service 6-10 day outlook shows continued cooler than normal temperatures for our region and the bulk of the Eastern United States.

Prices were down this week.  At the end of the week, the NYMEX natural gas 12-month strip was down 4.5%, and the PJM West Hub 12-month forward curve was down 1.1%. 

 

This past week's market information is provided as a courtesy to our customers and is not indicative of, nor should be relied upon, as representative of future transactions. 


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Weather

Local Cooling Degree Days*

 


Washington, D.C. Area Cooling Degrees Days* 

 

May - 19

Jun - 19

Jul - 19

Aug - 19

Sep - 19

 Oct - 19

 Actual

212 

330 

 

 

 

 Normal

121

325

 

 

 Departure from Normal

 76%

 2%

 

 

 Warmer

Warmer 

 

 

*Cooling degree day (CDD) data is for the Washington, D.C. area and is calculated by comparing the day’s average temperature to a 65-degree baseline. If the day’s average temperature is below 65, there are no cooling degree days that day. If the day’s average temperature is greater than 65 degrees, then subtract 65 from the average temperature to find the number of cooling degree days.