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Washingto Gas Energy Services: A Washington Gas Affiliate Complany
Volume 9, Issue 21
We know how to deliver energy.
May 28, 2010 Energy Update
In this Issue
Editors Note
Week in review for period of May 21, 2010 to May 27, 2010.
Natural Gas
EIA Gas Storage Update
Baker Hughes Rotary Rig Count
NYMEX Natural Gas Monthly Settlements
NYMEX Values: Thursday, May 27, 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 21, 2010 to May 27, 2010.

Here we go again.  Energy prices drop one week and they rise the next week. Last Friday we reported that natural gas prices fell 6% and electricity prices fell 3.3%. However, for this report period, the 12 month average price for natural gas at the well-head rose 3.2%, and the average 12 month price for electricity on the PJM rose 2.5%.  The market cannot make up its mind.  This week’s upward pressure came from Mother Nature. Hurricane season starts June 1. The National Oceanic and Atmospheric Administration just announced that they expect one of the most active hurricane seasons on record.  Additionally President Obama called for a 6 month moratorium on deepwater drilling. This news spooked the energy markets. Stay tuned. The next wild card is Summer.  We are entering the cooling season where demand for energy can rise quickly and place upward pressure on energy prices. 

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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

2,269

2,165

 104

2,198

1,951

Storage Update:  This week’s reported injection of 104 bcf was the first triple digit injection of the year.   Inventories are now 16.3% above the 5 year average. We are also 3.2% 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 21, 2010 was 969 rigs which was a net increase of 18 rigs.  The rig count is 258 higher than the count reported this same week last year. We are now 24% below the 5-year average rig count of 1,267.

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

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

Oct-09 

$0.3730

Feb-10

$0.5274

June-10 

$0.4155

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NYMEX Values: Thursday, May 27, 2010
(Price per therm at the well-head)

July-10

$0.4294

Dec-10

$0.5227

May-11

$0.5145

Aug-10

$0.4368

Jan-11

$0.5441

June-11

$0.5197

Sept-10

$0.4422

Feb-11

$0.5412

12-month

$0.4945

Oct-10

$0.4527

Mar-11

$0.5310

11/10-3/11

$0.52532

Nov-10

$0.4876

Apr-11

$0.5121

Crude oil

$74/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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