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Washingto Gas Energy Services: A Washington Gas Affiliate Complany
Volume 8, Issue 39
We know how to deliver energy.
September 25, 2009 Energy Update
In this Issue
Editors Note
Week in review for period of September 18, 2009 to September 24, 2009.
Natural Gas
EIA Gas Storage Update
Baker Hughes Rotary Rig Count
NYMEX Natural Gas Monthly Settlements
NYMEX Values: Thursday, September 24, 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 18, 2009 to September 24, 2009.

Natural gas and electricity prices traded up during four of the last five trading days. As a result, for this report period, natural gas and electricity prices rose for the third straight week. The 12 month avg. price for nat. gas at the well-head rose 8.4%. The avg. 12 month price for peak electricity on the PJM rose 6.7%. For now, the abundant short term supply of nat. gas was trumped by the fear that the long term supplies of natural gas may be harmed by the large reductions in the natural gas rig count. Note: It was interesting to see that crude oil prices fell this week while nat. gas and elec. prices rose. Crude oil prices fell 8% this week closing at $68/barrel. The news that crude oil inventories increased by 2.8 million barrels placed downward pressure on prices. Investors concluded crude oil supplies were high because demand was still weak.

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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

3,525

3,458

67

3,016

3,040

Storage Update: Inventories are at 3,525 bcf. Next week we may surpass the record high inventory level of 3,565 bcf set in 2007. We still have 5 weeks left in the injection season. Working gas in storage for the week ending 9/18/09 was 3,525 bcf following this week’s small injection of 67 bcf. The inventories are 16.8% above last year’s levels. We are 16% 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 18, 2009 was 705 rigs. That is an increase of 6 rigs. The rig count is still 884 lower than the count reported this same week last year. We are now 46% below the 5-year avg. rig count of 1296.

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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 24, 2009
(Price per therm at the well-head)

Oct-09

$0.3955

Mar-10

$0.5844

Aug-10

$0.6094

Nov-09

$0.4896

Apr-10

$0.5816

Sep-10

$0.6167

Dec-09

$0.5592

May-10

$0.5847

12-month

$0.5656

Jan-10

$0.5850

Jun-10

$0.5920

11/09-3/10

$0.56132

Feb-10

$0.5884

July-10

$0.6010

Crude oil

$68/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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