Volume 16, Issue 27 | August 26, 2019

Editor's Note

Continued Warm Weather and More Low Prices

Weekly review for August 17 - 23, 2019

 

On Thursday, the U.S. Energy Information Administration (EIA) reported that working gas in storage as of Friday, August 16th, 2019 was 2,797 BCF. This was an increase of 59 BCF from the previous week and was slightly less than what the market was expecting. Storage levels are 369 BCF (15.2%) higher than a year ago, but 103 BCF (3.6%) lower than the 5-year average for this date.

After a warmer than normal May, June, and July in our region, August has continued this pattern. Cooling degree days at Washington Reagan National Airport have been 23.6% warmer than the 30-year average for the first 22 days of August, and the National Weather Service 6-10 and 8-14 Day Outlooks both show continued warmer than normal temperatures for our region.

Prices were down this week. At the end of the week, the NYMEX natural gas 12-month strip was down 2.3%, and the PJM West Hub 12-month forward curve was down 1.2%.

 
 

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

216 

341

 530

 

 

 Normal

121

330

 472

 

 Departure from Normal

 78%

 3%

 12%

 

 Warmer

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.