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Washingto Gas Energy Services: A Washington Gas Affiliate Complany
Volume 9, Issue 25
We know how to deliver energy.
June 25, 2010 Energy Update
In this Issue
Editors Note
Week in review for period of June 18, 2010 to June 24, 2010.
Natural Gas
EIA Gas Storage Update
Baker Hughes Rotary Rig Count
NYMEX Natural Gas Monthly Settlements
NYMEX Values: Thursday, June 24, 2010
NYMEX 12-Mo. Avg. Price Per Therm at the Well-Head
PJM Electricity
PJM 12-Month Average Peak Power Price
Weather
Local Cooling Degree Days*
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CleanSteps(SM) Windpower
Editors Note
Week in review for period of June 18, 2010 to June 24, 2010.

We were able to erase some but not all of last week’s gains. For this report period, the 12 month avg. price for natural gas at the well-head fell 4.7%, and the avg. 12 month price for electricity on the PJM fell 2.5%. These small price decreases were likely tied to the news that the US economy was growing more slowly than predicted. However, many analysts do not expect energy prices to continue this downward move.  In fact energy prices are likely to move upward again because we have hot weather in the forecast and a new storm is forming in the Caribbean. NOAA says the storm in the Caribbean is heading towards the Gulf of Mexico and may become a tropical storm in the next 48 hours. Weather is a huge wild card that can quickly place upward pressure on prices this time of the year. This is still a great time to look at the early renewal strategy because prices are low relative to the last 5 years.

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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

2,624

2,543

 81

2,638

2,315

Storage Update:  This week’s reported injection of 81 bcf met expectations.  Inventories are now 13.3% above the 5 year avgerage. We are now 0.5% below last year’s storage number.  This is the first time in 2 months that storages fell below last year’s levels.  Hot weather diverts gas from storage to power plants.

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Baker Hughes Rotary Rig Count

Weekly Drilling Rig Update:  Active rig count released by Baker and Hughes for week ending June 18, 2010 was 953 rigs which was a net decrease of 1 rig.  The rig count is 261 higher than the rig count reported this same week last year.  We are still 25% below the 5 year average rig count of 1,264.

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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, June 24, 2010
(Price per therm at the well-head)

July-10

$0.4748

Dec-10

$0.5479

May-11

$0.5257

Aug-10

$0.4793

Jan-11

$0.5660

June-11

$0.5304

Sept-10

$0.4834

Feb-11

$0.5602

12-month

$0.5210

Oct-10

$0.4913

Mar-11

$0.5503

11/10-3/11

$0.5484

Nov-10

$0.5180

Apr-11

$0.5245

Crude oil

$76/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 Cooling Degree Days*

 

Local Cooling Degree Days* 

 

May-10

Jun-10

Jul-10

Aug-10

Sep-10

Oct-10

 Actual

201

 

 

 

 

 

 Normal

107

 

  

 

 

 

 Departure from Normal

47%

 

 

 

 

 

Warmer

 

 

 

 

 

 

**Cooling degree days are calculated by comparing the day’s average temperature to a 65 degree baseline.  If the average temperature is below 65, there are no cooling degree days that day.  If the average temperature is greater than 65 degrees, then subtract 65 from the average temperature to find the number of cooling degree day

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