Volume 17, Issue 21 | June 29, 2020

Editor's Note

Prices Hit New Lows

Weekly review for June 21 - June 27, 2020

 
On Thursday, the U.S. Energy Information Administration (EIA) reported that working gas in storage as of Friday, June 19, 2020 was 3,012 BCF.  This was an increase of 120 BCF from the previous week. Inventories are now 739 BCF higher than last year at this time, 466 BCF above the 5-year average.  Levels are rapidly approaching the top of the 5-year range.
 
Along with the lowest Henry hub spot prices not seen since 1998, near-term prices were down sharply this week with the NYMEX natural gas 12-month strip (Jul20-Jun21) down 6.1% and PJM Western Hub 12-month strip down 3.6%.  
 
 
 
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.


Weather

Washington, D.C. Area Cooling/Heating Degree Days

  

 

**Dec-19 

**Jan-20 

**Feb-20 

**Mar-20 

**Apr-20 

May-20 

Normal 

 690

 863

717 

 546

236

126

 Actual

 709

 709

614

 372

296

94

Departure from Normal 

3%, Colder 

19%, Warmer 

14%, Warmer 

32%, Warmer 

25%, Colder 

125%, Colder 

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.

**Heating degree day (HDD) 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 above 65, there are no heating degree days that day. If the day’s average temperature is less than 65 degrees, then subtract that average temperature from 65 to find the number of heating degree days.