Volume 17, Issue 39 | November 23, 2020

Editor's Note

Warmth Continues

Weekly review for November 15 November 21, 2020

 
On Friday, the U.S. Energy Information Administration (EIA) reported that working gas in storage as of Friday, November 13, 2020 was 3,958 Bcf.  This is an increase of 31 Bcf from the previous week. Inventories are currently 293 Bcf higher than last year during this same period and 231 Bcf above the 5-year average of 3,727 Bcf.
  
The forecast calls for above normal temperatures this week. Heating load and near-term prices will continue to soften as long as these warmer temperature patterns persist.  While there is still some additional fear premium built into the winter ’21 term that could be eroded, the first sign of cold will more than likely put an end to the downward pressure on prices.
  
Markets moved lower this week as the 12-month NYMEX gas curve dropped 9.9% and the 12-month PJM Western Hub decreased 5.9%. 
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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

  

 

May-20 

Jun-20 

Jul-20 

Aug-20 

Sep-20 

Oct-20 

Normal 

 159

 356

527 

 450

260

56

 Actual

 94

 360

586

 453

187

32

Departure from Normal 

41%, Colder 

1%, Warmer 

11%, Warmer 

1%, Warmer 

28%, Colder 

43%, 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.