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Washingto Gas Energy Services: A Washington Gas Affiliate Complany
Volume 8, Issue 31
We know how to deliver energy.
July 31, 2009 Energy Update
In this Issue
Editors Note
Week in review for period of July 24, 2009 to July 30, 2009.
Natural Gas
EIA Gas Storage Update
Baker Hughes Rotary Rig Count
NYMEX Natural Gas Monthly Settlements
NYMEX Values: Thursday, July 30, 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 24, 2009 to July 30, 2009.

Despite record storage levels in the natural gas sector, natural gas and crude oil prices rose this week. Crude oil rose to $67/barrel. The 12 month avg. price for natural gas at the well-head rose 6%. This is the first price increase for natural gas in six weeks. The avg. 12 month price for peak power on the PJM fell 1% this week.  This week’s price increase for gas and oil were tied to the positive economic news that hinted the economy is healing. The perception that energy demand may be on the rise placed upward pressure on prices even though the fundamentals show that oil and natural gas inventories are very high. Will the storage glut lead to even more production cuts and thus place more upward pressure on prices?. 

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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

3,023

2,952

71

2,452

2,545

Storage Update:  According to EIA Estimates, working gas in storage for the week ending 7-24-’09 was 3,023 Bcf following this week’s injection of 71 Bcf.  This is a new record. This is the first time in history that storage has exceeded the 3,000 Bcf level in July. Inventories are 23.3% above last year’s levels. We are 18.8% 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 24 was 675 rigs.  This count is 869 lower than the count reported this same week last year.  We are now 48% below the 5-year avg. rig count of 1307.
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NYMEX Natural Gas Monthly Settlements
(Price per therm at the well-head)

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

Dec-08 

$0.6888

Apr-09  

$0.3631

Aug-09 

$0.3379

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NYMEX Values: Thursday, July 30, 2009
(Price per therm at the well-head)

Sep-09

$0.3743

Feb-10

$0.5708

July-10

$0.5864

Oct-09

$0.3988

Mar-10

$0.5653

Aug-10

$0.5956

Nov-09

$0.4703

Apr-10

$0.5588

12-month

$0.5305

Dec-09

$0.5393

May-10

$0.5645

11/09-3/10

$.54268

Jan-10

$0.5677

Jun-10

$0.5742

Crude oil

$67/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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