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Washingto Gas Energy Services: A Washington Gas Affiliate Complany
Volume 9, Issue 45
We know how to deliver energy.
November 12, 2010 Energy Update
In this Issue
Editors Note
Week in review for period of November 5, 2010 to November 11, 2010.
Natural Gas
EIA Gas Storage Update
Baker Hughes Rotary Rig Count
NYMEX Natural Gas Monthly Settlements
NYMEX Values: Thursday, November 11, 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*
 

 

For more information, contact your WGES Account Manager or wges_lgc@wges.com.
CleanSteps(SM) Windpower
Editors Note
Week in review for period of November 5, 2010 to November 11, 2010.

We are still range bound. Natural gas and electricity prices climb slightly one week and fall the next. For this report period, the 12 month average price for natural gas at the well-head rose less than 1% and the 12 month average price for peak power on the PJM also rose by less than 1%. The news story that tried to place downward pressure on pricing this week was that natural gas storages climbed to a record high of 3,840 Bcf, which surpassed the record set on 11/27/09. However, the fact that the winter heating season is here is apparently keeping a floor on prices. But do not be lulled to sleep as prices can rise quickly as the economy gets going. In fact, oil prices have risen from $73 to $87/barrel in 7 weeks.

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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

3,840

3,821

 19

3,809

3,498

Storage Update:  Although the traditional refill season is over, we had another injection this week. We saw 19 Bcf go into storage. As a result, we now have a new record high of 3,840 Bcf in storage. We surpassed the old record of 3,837 Bcf set November 27, 2009.  We are now 1% above last year’s levels.  The surplus is 9.7% 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 the week ending 11/5/10 was 955 rigs which was a net decrease of 12 rigs.  The count is 221 higher than the count reported this same week last year. We are 23% below the 5 year average rig count of 1,246.

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

Dec-09

$0.4486

Apr-10

$0.3842

Aug-10

$0.4774

Jan-10

$0.5814

May-10

$0.4271

Sept-10 

$0.3651

Feb-10

$0.5274

June-10

$0.4155

Oct-10 

$0.3837

Mar-10

$0.4816

July-10 

$0.4717

Nov-10 

$0.3292

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NYMEX Values: Thursday, November 11, 2010
(Price per therm at the well-head)

Dec-10

$0.3927

May-11

$0.4129

Oct-11

$0.4383

Jan-11

$0.4111

June-11

$0.4180

Nov-11

$0.4613

Feb-11

$0.4131

July-11

$0.4243

12-month

$0.4209

Mar-11

$0.4107

Aug-11

$0.4290

12/10-3/11

$0.40690

Apr-11

$0.4091

Sept-11

$0.4305

 Crude Oil

$87/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 

566

479

323

42

 Normal

107

 304

  456

402

200

28

 Departure from Normal

47.0%

 55.6%

19.4%

16.1%

38.0%

33.0%

Warmer

 Warmer

Warmer

Warmer

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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