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Washingto Gas Energy Services: A Washington Gas Affiliate Complany
Volume 9, Issue 12
We know how to deliver energy.
March 26, 2010 Energy Update
In this Issue
Editors Note
Week in review for period of March 19, 2010 to March 25, 2010.
Natural Gas
EIA Gas Storage Update
Baker Hughes Rotary Rig Count
NYMEX Natural Gas Monthly Settlements
NYMEX Values: Thursday, March 25, 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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Editors Note
Week in review for period of March 19, 2010 to March 25, 2010.
Natural gas and electricity prices fell for the sixth straight week. For this report period, the 12 month average price for natural gas at the well-head fell 2.9%. The average 12 month price for electricity on the PJM fell 2.5%. The story line, for now, is the same as the last few weeks. Energy demand is down and supply is up. March has been warmer than normal and thus the space heating demand for gas was lower than normal. (After this weekend’s cold snap, the 8-14 day forecast calls for more above average temperatures).On the supply side, the natural gas rig counts continue to climb and the shale gas coming from Pennsylvania is growing steadily. Stay tuned. The next variables to watch include the pace of our economic growth and summer temperatures.
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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

1,615

 11

1,654

1,505

Storage Update:  This week’s report showed an increase of 11 Bcf. This is the first injection for the year.  The traditional injection season starts April 1. With one week left in the traditional withdrawal season, inventories will certainly end the season above the 5 year average.  Inventories are now 8% above the five year average.  However, we are 1.7% below last year’s levels.

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Baker Hughes Rotary Rig Count

Drilling Rig Update:  Active rig count released by Baker and Hughes for week ending ending March 19, 2010 was 939 rigs.  The rig count is 82 higher than the count reported this same week last year. We are 26% below the 5-year avg. rig count of 1,273.

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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 25, 2010
(Price per therm at the well-head)

Apr-10

$0.3981

Sept-10

$0.4297

Feb-11

$0.5386

May-10

$0.4029

Oct-10

$0.4406

Mar-11

$0.5275

Jun-10

$0.4102

Nov-10

$0.4774

12-month

$0.4610

July-10

$0.4196

Dec-10

$0.5199

11/10-3/11

$0.52106

Aug-10

$0.4261

Jan-11

$0.5419

Crude oil

$81/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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