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Washingto Gas Energy Services: A Washington Gas Affiliate Complany
Volume 8, Issue 37
We know how to deliver energy.
September 11, 2009 Energy Update
In this Issue
Editors Note
Week in review for period of September 4, 2009 to September 10, 2009.
Natural Gas
EIA Gas Storage Update
Baker Hughes Rotary Rig Count
NYMEX Natural Gas Monthly Settlements
NYMEX Values: Thursday, September 10, 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 September 4, 2009 to September 10, 2009.

Here we go again. Prices are down one week and up the next because investors are having a tough time measuring the strength of the economic recovery. Last week energy prices fell approximately 5%. However, for this report period, energy prices rose. The 12 month avg. price for natural gas at the well-head rose 9%. The avg. 12 month price for peak electricity on the PJM rose 5.9%.  Crude oil prices rose 5.8% closing at $72/barrel. Despite the fact that natural gas inventories are near record high levels and crude oil stocks are 11% higher than last year, energy prices still rose this week.  One report that placed upward pressure on prices came from the oil sector. The government reported that U.S crude oil inventories fell by a larger than expected 5.9 million barrels last week.  Does this large withdrawal mean the economy is revving up?

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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

3,392

3,323

69

2,897

2,889

Storage Update:  Inventories are at record high levels with seven weeks left in the injection season. We may hit 4,000 bcf which is near the full mark. Working gas in storage for the week ending 9/4/09 was 3,392 bcf following this week’s injection of 69 bcf. The inventories are 17.1% above last year’s levels. We are 17.4% above the 5 year average.

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Baker Hughes Rotary Rig Count
Drilling Rig Update:  Active rig count released by Baker and Hughes for week ending September 4, 2009 was 701 rigs. That is an increase of 2 rigs. This is the seventh increase in a row. However, the rig count is still 885 lower than the count reported this same week last year.  We are now 46% below the 5-year avg. rig count of 1299.
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NYMEX Natural Gas Monthly Settlements
(Price per therm at the well-head)

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

Jan-09 

$0.6136

May-09 

$0.3321

Sep-09 

$0.2843

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NYMEX Values: Thursday, September 10, 2009
(Price per therm at the well-head)

Oct-09

$0.3256

Mar-10

$0.5300

Aug-10

$0.5671

Nov-09

$0.4249

Apr-10

$0.5300

Sep-10

$0.5742

Dec-09

$0.4956

May-10

$0.5355

12-month

$0.5117

Jan-10

$0.5237

Jun-10

$0.5462

11/09-3/10

$0.50082

Feb-10

$0.5299

July-10

$0.5579

Crude oil

$72/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

Jul-09

Aug-09

     

     

 Actual

93

272

   378  

467

        

        

 Normal

107

304

  456

407

 

 

 Departure from Normal

15.1%

11.8%

20.1%

12.8%

 

 

Cooler

Cooler

Cooler

Warmer

 

 

 

* 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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