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Washingto Gas Energy Services: A Washington Gas Affiliate Complany
Volume 9, Issue 18
We know how to deliver energy.
May 7, 2010 Energy Update
In this Issue
Editors Note
Week in review for period of April 30, 2010 to May 6, 2010.
Natural Gas
EIA Gas Storage Update
Baker Hughes Rotary Rig Count
NYMEX Natural Gas Monthly Settlements
NYMEX Values: Thursday, May 6, 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 30, 2010 to May 6, 2010.
The big news this week was oil. Crude oil prices hit $86/barrel on Monday but dropped to $77/barrel yesterday.  The large drop in oil prices occurred because the financial markets were worried about the debt problems in Greece, Portugal and Spain.  For now, the overseas tensions did not impact the natural gas or electricity markets in the United States. Although the recent trend line for energy prices is up, natural gas and electricity prices continue to be range bound for now. For this report period, the 12 month average price for natural gas at the well-head remained flat. The average 12 month price for electricity on the PJM fell rose 0.4%.  The natural gas and electric markets are in a stalemate.  Prices want to move up as we receive news that the economy is growing. Then prices want to fall when we realize that natural gas inventories are at an all-time high for this time of year. Summer temperatures, Greece and hurricanes are the next wild cards.
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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

1,995

1,912

 83

1,898

1,680

Storage Update:  This week’s report showed an injection of 83 Bcf.   Inventories are now 18.8% above the 5 year average. We are now 5.1% above last year’s storage number. This is still 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 30, 2010 was 958 rigs which was a net increase of 2 rigs.  The rig count is 217 higher than the count reported this same week last year. We are now 25% below the 5-year average rig count of 1,269.

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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, May 6, 2010
(Price per therm at the well-head)

Jun-10

$0.3929

Nov-10

$0.4776

Apr-11

$0.5225

July-10

$0.4042

Dec-10

$0.5241

May-11

$0.5252

Aug-10

$0.4143

Jan-11

$0.5467

12-month

$0.4787

Sept-10

$0.4218

Feb-11

$0.5440

11/10-3/11

$0.52582

Oct-10

$0.4343

Mar-11

$0.5367

Crude oil

$77/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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