Volume 17, Issue 35 | October 26, 2020

Editor's Note

Prices Up This Week As Storage Injection Season Wraps Up

Weekly review for October 17 October 23, 2020

 
On Thursday, the U.S. Energy Information Administration (EIA) reported that working gas in storage as of Friday, October 16, 2020 was 3,926 BCF.  This was an increase of 49 BCF from the previous week and was in line with what the market was expecting.  Storage levels are 345 BCF (9.6%) higher than a year ago, and 327 BCF (9.1%) higher than the 5 year average for this date.  

As the injection season ends, the market is turning its focus to the upcoming winter and the weather it will bring.  Temperatures for the next two weeks look to be close to normal, based on the National Weather Service 6-10 and 8-14 day outlooks.

Prices were higher this week for both gas and power.  At the end of the week, the NYMEX natural gas 12-month strip was up 1.2%, while the PJM West Hub 12-month forward curve was up 1.3%.  

 
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

  

 

**Apr-20 

May-20 

Jun-20 

Jul-20 

Aug-20 

Sep-20 

Normal 

 236

 159

356 

 527

450

260

 Actual

 296

 94

360

 586

453

187

Departure from Normal 

25%, Colder 

41%, Colder 

1%, Warmer 

11%, Warmer 

1%, Warmer 

28%, 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.