Volume 16, Issue 33 | October 21, 2019

Editor's Note

Storage Inventories Rise Above 5 Year Average for First Time in Two Years

Weekly review for October 12 - 18, 2019

 

On Thursday, the U.S. Energy Information Administration (EIA) reported that working gas in storage as of Friday, October 11, 2019, was 3,519 BCF.  This was an increase of 104 BCF from the previous week and was slightly less than what the market was expecting.  Storage levels are 494 BCF (16.3%) higher than a year ago, and 14 BCF (0.4%) higher than the 5 year average for this date.  Notably, this is the first time in more than two years that storage inventories have been above the 5 year average.

After a warmer than normal May, June, July, August, and September in our region, October has continued this pattern.  Heating degree days at Washington Reagan National Airport have been 47.9% lower than the 30 year average for the first 17 days of September.  This pattern may be changing, as the NOAA 8-14 day temperature outlook is showing normal to cooler than normal temperatures for our region.

Prices were up this week.  At the end of the week, the NYMEX natural gas 12-month strip was up 2%, while the PJM West Hub 12-month forward curve was up 1.9%. 

 

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

215.5 

340.5

 529.5

467.5 

346

 

 Normal

121

325

 472

423 

215

 Departure from Normal

 78%

 5%

 12%

 11%

 61%

 Warmer

Warmer 

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.