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Washingto Gas Energy Services: A Washington Gas Affiliate Complany
Volume 9, Issue 20
We know how to deliver energy.
May 21, 2010 Energy Update
In this Issue
Editors Note
Week in review for period of May 14, 2010 to May 20, 2010.
Natural Gas
EIA Gas Storage Update
Baker Hughes Rotary Rig Count
NYMEX Natural Gas Monthly Settlements
NYMEX Values: Thursday, May 20, 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 May 14, 2010 to May 20, 2010.
Energy prices are still range bound. Last Friday we reported that natural gas and electricity prices both rose 6%. For this report period, the 12 month average price for natural gas at the well-head fell 6%, and the average 12 month price for electricity on the PJM  fell 3.3%.  The market cannot make up its mind.  Downward pressure on prices has occurred because the supply picture looks great. Natural gas storage levels are high and the shale gas production potential looks awesome.  However, upward pressure on energy prices has occurred because news reports indicate that energy demand will grow as the economy begins to grow.  The next wild card is Summer.  A hot summer will cause an increase in gas demand and an increase in prices because many power generators now use gas to produce electricity.
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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

2,165

2,089

 76

2,092

1,857

Storage Update:  This week’s report showed an injection of 76 Bcf.   Inventories are now 16.6% above the 5 year average. We are also 3.5% above last year’s storage number. This is still an all-time high for this time of year surpassing the levels set in 2009.

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Baker Hughes Rotary Rig Count

Weekly Drilling Rig Update:  Active rig count released by Baker and Hughes for week ending May 14, 2010 was 951 rigs which was a net decrease of 2 rigs.  The rig count is 223 higher than the count reported this same week last year. We are now 25% below the 5-year average rig count of 1,268.

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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 20, 2010
(Price per therm at the well-head)

Jun-10

$0.4106

Nov-10

$0.4787

Apr-11

$0.5063

July-10

$0.4185

Dec-10

$0.5173

May-11

$0.5084

Aug-10

$0.4258

Jan-11

$0.5392

12-month

$0.4784

Sept-10

$0.4322

Feb-11

$0.5362

11/10-3/11

$0.51930

Oct-10

$0.4421

Mar-11

$0.5251

Crude oil

$68/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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