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Washingto Gas Energy Services: A Washington Gas Affiliate Complany
Volume 9, Issue 30
We know how to deliver energy.
July 30, 2010 Energy Update
In this Issue
Editors Note
Week in review for period of July 23, 2010 to July 29, 2010.
Natural Gas
EIA Gas Storage Update
Baker Hughes Rotary Rig Count
NYMEX Natural Gas Monthly Settlements
NYMEX Values: Thursday, July 29, 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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Editors Note
Week in review for period of July 23, 2010 to July 29, 2010.

Natural gas and electricity prices were relatively flat again for the third week in a row. Prices are still “range bound.”  For this seven day report period, the 12 month average price for natural gas at the well-head rose by 1%, and the average 12 month price for peak power on the PJM rose 1%. One day you get weather that places upward pressure on prices, and then you get economic news that places downward pressure on prices. For example, the heat wave we experienced over the last two months has increased the demand for natural gas and electricity. The demand for natural gas in the electric power sector exceeded last year’s levels by 20.5%.  However, economic news has neutralized the weather to date.  Economic news this week was not as robust as expected which has translated into lower than expected energy demand from the industrial sector. The recent “gross domestic product’ number showed growth in the second quarter (2.4%) was less than the first quarter growth of 3.7%. Stay tuned. All eyes are focused on the August weather.

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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

2,919

2,891

 28

3,013

2,680

Storage Update:  This week’s injection was only 28 Bcf.  The injection was below the 5 year average injection of 50 Bcf.  Thus, the year to year deficit continues to grow.  We are now 3.1% below last year's levels.  The gas is being burned for electric generation and is not going into storage.  Luckily, inventories are 8.9% above the 5 year average.

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Baker Hughes Rotary Rig Count

Weekly Drilling Rig Update:  Active rig count released by Baker and Hughes for week ending 7/23/10 was 982 rigs which was a net increase of 3 rigs.  The rig count is 307 higher than the rig count reported this same week last year. However, we are 22% below the 5 year average rig count of 1,261.

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

Sept-09

$0.2843

Jan-10

$0.5814

May-10

$0.4271

Oct-09

$0.3730

Feb-10

$0.5274

June-10

$0.4155

Nov-09

$0.4289

Mar-10

$0.4816

July-10 

$0.4717

Dec-09

$0.4486

Apr-10

$0.3842

Aug-10 

$0.4774

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

Sept-10

$0.4827

Feb-11

$0.5303

July-11

$0.5076

Oct-10

$0.4848

Mar-11

$0.5196

Aug-11

$0.5116

Nov-10

$0.5009

Apr-11

$0.4988

12-month

$0.5078

Dec-10

$0.5205

May-11

$0.5000

11/10-3/11

$0.52096

Jan-11

$0.5335

June-11

$0.5030

 Crude Oil

$79/barrel 

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NYMEX 12-Mo. Avg. Price Per Therm at the Well-Head
(excludes Interstate Transportation)

       

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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

473 

 

 

 

 

 Normal

107

 304

  

 

 

 

 Departure from Normal

47.0%

 35.7%

 

 

 

 

Warmer

 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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