Volume 18, Issue 10 | June 6, 2022

Editor's Note

What a Difference a Day Makes

Week in review for May 29 - June 4, 2022

Thursday, the U.S. Energy Information Administration (EIA) reported that working gas in storage as of Friday May 27, 2022 was 1,902 Bcf. This was an increase of 90 Bcf from the previous week, a higher than expectations, contributing to a decrease in the front end of the curve Thursday. Inventories are still very low, now 397 Bcf lower than this same time last year, and 337 Bcf below the 5-year average.  

For yet another week, prices have been swinging wildly and remain near the 5-year highs. The prompt 12-month NYMEX natural gas strip (Jul22-Jun23) was down 2.8% and the 12-month PJM STD 7x24 down 4.4% for the week. Prices were up further out in the curve for both power and gas.

Significant heat over the Memorial Day weekend and the following Tuesday led to significant PJM loads on 5/31/2022. Tuesday peaked at 138.2 GW which would have been high enough to be a contender for the eventual 5-highest peaks of the 2022 Summer that would influence customers’ future capacity price, if it had occurred one day later, in the June 1 through September 30 period utilities in PJM use for Peak Load Contribution (PLC) calculations. WGL Energy issues alerts when PJM load is forecast to be high enough to potentially be one of the 5 peaks. Commercial customers wanting that information to try to lower their capacity obligation or just to be informed of potential high system load, can contact their WGL Energy Business Development manager. Currently there are no potential peak days forecast in the near-term.



Energy Market Charts

 

 

 

 

 


Feature

Sustainable Solutions

WGL Energy’s innovative and diversified solutions make renewable energy and green products accessible and affordable to a wider range of companies.

Wind Power

Wind Power offers you a less expensive, flexible way to support a cleaner environment without an investment in new equipment or capital improvements.

Carbon Offsets

Carbon Offsets counterbalance the environmental impact of your business activities. You can choose to match these offsets to any portion of your natural gas supply or to offset other activities such as business travel, conferences, and events.

Certified Natural Gas

Certified Natural Gas reduces methane emissions. Certified gas wells can reduce methane emissions up to 80% from traditional wells. Verified by independent companies, certified gas offers a low-cost solution toward a greener environment.

To learn more about how you can manage your carbon footprint with WGL Energy, visit https://promo.wglenergy.com/gogreen/ or call 1-833-61-GREEN (1-833-614-7336) to speak with one of our energy experts.


Weather

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

  

 

Dec-21

Jan-22

Feb-22

Mar-22

April-22

May-22

Normal 

669

848

677

529

236

63

 Actual

541

943

626

455

249

59

Departure from Normal 

19%
Warmer

11%
Cooler

8%
Warmer

14%
Warmer

6%
Cooler

7%
Cooler

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.