Volume 18, Issue 10 | May 10, 2021

Editor's Note

Cold May Forecast Does Little to Prices

Week in review for May 2 May 8, 2021

On Thursday, the U.S. Energy Information Administration (EIA) reported that working gas in storage as of Friday April 30, 2021 was 1,958 BCF.  This was an increase of 60 BCF from the previous week, in line with market expectations. Inventories are now 345 BCF lower than last year at this time, and 61 BCF below the 5-year average.

Forward energy markets were up this week. The NYMEX natural gas 12-month strip (Jun21-May22) ended up 0.7% and the PJM Western Hub ATC (7X24) 12-month strip was up 1.9%.  The markets were relatively tame despite a cold forecast through May 15 for the East Coast.


Weather

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

  

 

*Nov-20

*Dec-20 

*Jan-20 

*Feb-20 

*Mar-21 

*Apr-21 

Normal 

467

669

848

 677

546

236

 Actual

 321

731

819

763

435

238

Departure from Normal 

31%,
Warmer 

9%,
Colder

3%,
Warmer

13%,
Colder

20%,
Warmer

1%,
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.