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Washingto Gas Energy Services: A Washington Gas Affiliate Complany
Volume 8, Issue 44
We know how to deliver energy.
October 30, 2009 Energy Update
In this Issue
Editors Note
Week in review for period of October 23, 2009 to October 29, 2009.
Renewable Energy
Catholic University Announces Solar Project With WGES
Natural Gas
EIA Gas Storage Update
Baker Hughes Rotary Rig Count
NYMEX Natural Gas Monthly Settlements
NYMEX Values: Thursday, October 29, 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 October 23, 2009 to October 29, 2009.

Energy prices fell this week as the market focused on the record surplus of natural gas in storage and the 8-14 day forecast that predicted above average temperatures. In other words, ample supplies and low demand placed downward pressure on prices. For this report period, the 12 month average price for natural gas at the well-head fell 4.4%. The average 12 month price for electricity on the PJM fell 5.9%. Crude oil prices remained flat closing again at the 12 month high of $80/barrel. Analysts disagree on the future direction of prices for 2010 because it is hard to predict the pace of the economic recovery. Plus it is unclear when the big drop in rig counts will impact pricing .For now, nat. gas and electricity are near the five year low.

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Renewable Energy
Catholic University Announces Solar Project With WGES

More than 1000 solar panels will be installed on four Catholic University buildings this fall, creating the largest solar-energy system in the Washington, D.C., metropolitan area. The University announced this week that it has signed a long-term agreement with Washington Gas Energy Services Inc. to purchase electricity generated by the solar panels at guaranteed prices. The solar-panels will be owned and operated by WGES, and produce about 340,000 kilowatt hours of electricity each year. To read the full article, click here.

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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

3,759

3,734

25

3,386

3,345

Storage Update:  Inventories reached another record high of 3,759 bcf. The injection season ends Nov.1, 2009. The previous record was 3,565 bcf set in  October 2007.   Working gas in storage for the week ending 10/23/09 was 3,759 bcf following last week’s modest injection of 25 bcf. The inventories are 11.0% above last year’s levels. We are 12.4% 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 October 23, 2009 was 725 rigs. That is an increase of 4 rigs. The rig count is still 804 lower than the count reported this same week last year.  We are now 44% below the 5-year avg. rig count of 1,290.

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NYMEX Natural Gas Monthly Settlements
(Price per therm at the well-head)

Dec-08

$0.6888

Apr-09 

$0.3631

Aug-09 

$0.3379

Jan-08

$0.6136

May-09 

$0.3321 

Sept-09 

$0.2843

Feb-09 

$0.4476

Jun-09  

$0.3538

Oct-09 

$0.3730

Mar-09 

$0.4056

July-09 

$0.3939

Nov-09 

$0.4289

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NYMEX Values: Thursday, October 29, 2009
(Price per therm at the well-head)

Dec-09

$0.5062

May-10

$0.5520

Oct -10

$0.5999

Jan-09

$0.5428

Jun-10

$0.5610

Nov-10

$0.6339

Feb-09

$0.5481

July-10

$0.5712

12-month

$0.5647

Mar-10

$0.5456

Aug-10

$0.5789

11/09-3/10

$0.5471

Apr-10

$0.5454

Sept-10

$0.5849

Crude oil

$80/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

Sep-09

              

 Actual

93

272

   378  

467

172

        

 Normal

107

304

  456

407

200

 

 Departure from Normal

15.1%

11.8%

20.1%

12.8%

16.3%

 

Cooler

Cooler

Cooler

Warmer

 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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