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Washingto Gas Energy Services: A Washington Gas Affiliate Complany
Volume 9, Issue 17
We know how to deliver energy.
April 30, 2010 Energy Update
In this Issue
Editors Note
Week in review for period of April 23, 2010 to April 29, 2010.
Natural Gas
EIA Gas Storage Update
Baker Hughes Rotary Rig Count
NYMEX Natural Gas Monthly Settlements
NYMEX Values: Thursday, April 29, 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 April 23, 2010 to April 29, 2010.
As you can see from the graphs below, energy prices are range bound.  Over the last five report periods, prices rose three times but fell two times.  For this report period, the 12 month average price for natural gas at the well-head fell 1.4%. The average 12 month price for electricity on the PJM fell rose 0.2%.  Over the last five weeks, prices have risen on news that shows the world economy is growing. The U.S. has experienced three straight quarters of growth. However, downward pressure has been placed on prices as reports show that natural gas inventories are now at an all-time high for this time of year. Where do prices go from here? The other variables that can impact prices are the summer temperatures and hurricane activity. Plus if natural gas prices get too low, the producers will reduce supply by closing-in the wells. In fact, for this report period, the rig count declined by 17 rigs. This is the first decline in rigs since 12-23-09.
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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

1,912

1,829

 83

1,811

1,609

Storage Update:  This week’s report showed a larger than expected injection of 83 Bcf.  Inventories are now 18.8% above the 5 year average. We are now 5.6% above last year’s storage number. This is an all-time high for this time of year.

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Baker Hughes Rotary Rig Count

Weekly Drilling Rig Update:  Active rig count released by Baker and Hughes for week ending ending April 23, 2010 was 956 rigs which was a net decrease of 17 rigs.  This is the first decrease since December 2009.  The rig count is 214 higher than the count reported this same week last year. We are 25% below the 5-year average rig count of 1,271.

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

Jun-09

$0.3538

Oct-09  

$0.3730

Feb-10

$0.5274

July-09 

$0.3939

Nov--09 

$0.4289

Mar-10 

$0.4816

Aug-09 

$0.3379

Dec-09 

$0.4486

Apr-10 

$0.3842

Sept-09 

$0.2843

Jan-10

$0.5814

May-10 

$0.4271

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NYMEX Values: Thursday, April 29, 2010
(Price per therm at the well-head)

Jun-10

$0.3980

Nov-10

$0.4801

Apr-11

$0.5150

July-10

$0.4113

Dec-10

$0.5235

May-11

$0.5169

Aug-10

$0.4217

Jan-11

$0.5452

12-month

$0.4794

Sept-10

$0.4276

Feb-11

$0.5414

11/10-3/11

$0.52454

Oct-10

$0.4394

Mar-11

$0.5325

Crude oil

$85/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

419

   159      

 Normal

477

775

  917

114

563

267

 Departure from Normal

21.2%

7.74%

0.3%

15%

25.6%

40.4%

Warmer

Cooler

Warmer

cooler

warmer

warmer

 

* 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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