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Washingto Gas Energy Services: A Washington Gas Affiliate Complany
Volume 8, Issue 29
We know how to deliver energy.
July 17, 2009 Energy Update
In this Issue
Editors Note
Week in review for period of July 10, 2009 to July 16, 2009.
Natural Gas
EIA Gas Storage Update
Baker Hughes Rotary Rig Count
NYMEX Natural Gas Monthly Settlements
NYMEX Values: Thursday, July 16, 2009
NYMEX 12-Mo. Avg. Price Per Therm at the Well-Head
PJM Electricity
PJM 12-Month Average Peak Power Price
Weather
Local Cooling Degree Days*
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Editors Note
Week in review for period of July 10, 2009 to July 16, 2009.

Declining crude prices placed downward pressure on natural gas and electricity prices again this week. The 12 month average price for natural gas at the well-head fell 3% and the average 12 month price for peak power on the PJM fell 1%. Mild weather and high inventories may prevent a potential rally of gas prices, however several factors may be an influence. The peak summer demand season is just getting started, we are now entering the hottest period of the year and hurricane season is not over until November. With prices still low, now is a great time to look at the early renewal ideas. Please call your account manager with any questions.

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Natural Gas
EIA Gas Storage Update

 

 Current Week

Last Week 

Net Change

 Last Year 

 5 Year

 

 Stocks (Bcf)

Stocks (Bcf)

 (Bcf)

Stocks (Bcf)

 Average (Bcf)

 Total Lower 48

2,886

2,796

90

2,297

2,432

Storage Update:  According to EIA Estimates, working gas in storage for the week ending July 10, 2009 was 2,886 Bcf following this week’s smaller than expected injection of 90 Bcf.  Inventories are 25.6 % above last year’s levels. (Note: On May 1, 2009 we were 34% above last year’s levels.) We are 18.7% above the 5 year average.

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Baker Hughes Rotary Rig Count
Drilling Rig Update: Active rig count released by Baker Hughes for week ending July 10 was 672 rigs.  This count is 872 lower than the count reported this same week last year.  We are now 49% below the 5-year avg. rig count of 1311.
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NYMEX Natural Gas Monthly Settlements
(Price per therm at the well-head)

Aug-08

$0.9217

Dec-08 

$0.6888 

Apr-09 

$0.3631

Sep-08

$0.8394 

Jan-09 

$0.6136 

May-09 

$0.3321

Oct-08

$0.7472 

Feb-09 

$0.4476 

Jun-09 

$0.3538

Nov-08 

$0.6469

Mar-09  

$0.4056 

July-09 

$0.3939

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NYMEX Values: Thursday, July 16, 2009
(Price per therm at the well-head)

 Aug-09

$0.3668

Jan-10

$0.5594

Jun-10

$0.5617

Sep-09

$0.3813

Feb-10

$0.5625

July-10

$0.5735

 Oct-09

$0.4020

Mar-10

$0.5559

12-month

$0.5050

 Nov-09

$0.4666

Apr-10

$0.5472

11/09-3/10

$.51774

 Dec-09

$0.5314

May-10

$0.5519

Crude oil

$64/bl.

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NYMEX 12-Mo. Avg. Price Per Therm at the Well-Head
(excludes Interstate Transportation)

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PJM Electricity
PJM 12-Month Average Peak Power Price
On-Peak 1 Year Forward Price

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Weather
Local Cooling Degree Days*

 

Local Cooling Degree Days* 

 

May-09

Jun-09

                 

     

 Actual

93

272

        

       

        

        

 Normal

107

304

  

 

 

 

 Departure from Normal

15.1%

11.8%

 

 

 

 

Cooler

Cooler

 

 

 

 

 

* Cooling degree days are calculated by comparing the day’s average temperature to a 65 degree baseline.  If the average temperature is below 65, there are no cooling degree days that day.  If the average temperature is greater than 65 degrees, then subtract 65 from the average temperature to find the number of cooling degree days

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