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Washingto Gas Energy Services: A Washington Gas Affiliate Complany
Volume 9, Issue 10
We know how to deliver energy.
March 12, 2010 Energy Update
In this Issue
Editors Note
Week in review for period of March 5, 2010 to March 11, 2010.
Natural Gas
EIA Gas Storage Update
Baker Hughes Rotary Rig Count
NYMEX Natural Gas Monthly Settlements
NYMEX Values: Thursday, March 11, 2010
NYMEX 12-Mo. Avg. Price Per Therm at the Well-Head
PJM Electricity
PJM 12-Month Average Peak Power Price
Weather
Local Heating Degree Days*
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CleanSteps(SM) Windpower
Editors Note
Week in review for period of March 5, 2010 to March 11, 2010.
Natural gas and electricity prices fell for the fourth straight week. For this report period, the 12 month average price for natural gas at the well-head fell 2.4%. The average 12 month price for electricity on the PJM fell 2.6%.  It looks like winter is over as the 8-14 day forecast calls for above average temperatures, Plus the Spring equinox is scheduled to arrive March 20th.  The Energy Information Administration notes that one factor likely influencing this recent reduction in price is that inventories are projected to end the winter above the five year average. In other words, high inventory numbers linked with diminished heating demand placed downward pressure on prices.   The story line, however,  can change quickly. Energy prices are still near a six year low. This is a good time to look at the early renewal strategy.
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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

1,626

1,737

-111

1,697

1,607

Storage Update:  This week’s reported withdrawal was 111 Bcf . The deficit from a year ago was similar to last week.  We are 4.2% below last year’s levels.  Inventories, however, are still 1.2% above the five year average. We have four weeks left in the withdrawal season.

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Baker Hughes Rotary Rig Count

Drilling Rig Update:  Active rig count released by Baker and Hughes for week ending March 5, 2010 was 926 rigs.  The rig count is 10 higher than the count reported this same week last year. We are 27% below the 5-year avg. rig count of 1,275.

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

Apr-09

$0.3631

Aug-09 

$0.3379

Dec-09 

$0.4486

May-09 

$0.3321

Sept-09  

$0.2843

Jan-10

$0.5814

Jun-09 

$0.3538

Oct-09 

$0.3730

Feb-10 

$0.5274

July-09 

$0.3939

Nov-09 

$0.4289

Mar-10 

$0.4816

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NYMEX Values: Thursday, March 11, 2010
(Price per therm at the well-head)

Apr-10

$0.4440

Sept-10

$0.4778

Feb-11

$0.5740

May-10

$0.4506

Oct-10

$0.4878

Mar-11

$0.5612

Jun-10

$0.4579

Nov-10

$0.5195

12-month

$0.5039

July-10

$0.4672

Dec-10

$0.5558

11/10-3/11

$0.55756

Aug-10

$0.4740

Jan-11

$0.5773

Crude oil

$82/bl.

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

Trade Date

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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 Heating Degree Days*

 

Local Heating Degree Days* 

 

Nov-09

Dec-09

Jan-10

Feb-10

Mar-10

Apr-10

 Actual

376

835

914

856

 

         

 Normal

477

775

  917

114

 

 

 Departure from Normal

21.2%

7.74%

0.3%

15%

 

 

Warmer

Cooler

Warmer

cooler

 

 

 

* Heating degree days are calculated by comparing the day’s average temperature to a 65 degree baseline.  If the average temperature is above 65, there are no heating degree days that day.  If the day's average temperature is less than 65 degrees, subtract the day's average temperature from 65 to find the number of heating degree days for that day.

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