Washington Gas Energy Services: A Washington Gas Affiliate Complany
Volume 9, Issue 24
We Know Energy
June 24, 2011 Energy Update
In this Issue
Editor's Note
The Bulls Did Not Have A Chance This Week.
Spotlight on WGES Affinity Programs
Properties Can Profit from Residential Enrollments
Natural Gas
EIA Gas Storage Update - Data Released June 23, 2011
Baker Hughes Rotary Rig Count
NYMEX Natural Gas Monthly Settlements For the Past 12 Months
NYMEX Values For the Forward 12 Months
NYMEX 12-Month Average Price Per Therm at the Well-Head
PJM Electricity
PJM 12-Month Average Peak Power Price
Weather
Local Heating Degree Days*
Recent Features
WGES Ranked #1 Supplier (June 3)

 

WGES Adds New Service Territories in Pennsylvania (May 13)




WGES President Harry Warren Interviewed by Washington Post about Innovative Natural Gas Enhancement (May 6)

Our New Wind Power Partners
Baltimore Monthly Meeting House of Friends Homewood
Bethesda United Methodist Church
BrightStar Healthcare
Capital Restaurant Holdings, Inc.
Embassy of Egypt
Embassy of Finland
Hay Adams Hotel
Paul Associates
Prince George's County Libraries
Yard's Brewing Co.

Visit wges.com/partners for full list of WGES Wind Power Partners.

 
To find out more about a green power purchase for your organization, call 703-793-7578, or visit wges.com/commercialwind.

For more information, contact your WGES Account Manager or wges_lgc@wges.com.
Editor's Note
The Bulls Did Not Have A Chance This Week.
Week in review for period of June 17 - June 23, 2011

The news stories for this seven day report period were very bearish and placed downard pressure on energy prices across the board. The 12-month average price for natural gas at the Henry Hub well-head fell 4.4%. Natural gas has now dropped 10% in three weeks. The trading prices for peak power on the PJM electricity grid fell 2%. Crude oil prcies fell from $95/barrel to $91/barrel.

Numerous energy related stories hit the wire this week and placed downward pressure on prices. On the natural gas front we finally experienced an above average injection of natural gas into storage. This week's injection of 98 Bcf was 14% above the 5 year average injection of  86 Bcf. This larger than expected injection placed downward pressure on energy  prices. 

On the crude oil front the International Energy Agency (IEA) surprised the energy markets by announcing the release of 60 milion barrells of oil from the Strategic Petroleum Reserves of 28 nations. (Note: 30 million of the 60 million barrels is coming from the Unites States.) This crude oil release was an international effort to offset the lack of oil coming out of Libya. In the short run, this announcement  placed downward pressure on prices.

Lastly, the lack of summer heat  this week coupled with somber economic news kept energy prices low this week. But do not be lulled to sleep. Energy markets are very fickle. All the Bulls need is a heat  wave or a tropical disturbance in the Atlantic basin and prices will reverse direction.

spacer spacer
Print This Article Print This Issue
Print This Article Print This Article
spacer spacer
Next Article Next Article
Return to Top Return to Top
spacer spacer
How helpful is this article?
WGES Home  |  Forward to a Friend  |  Plain Text Version  |  Past Issues
Washington Gas Energy Services strives to provide concise and accurate information from dependable sources for information contained in this report. Nevertheless, Washington Gas Energy Services does not warrant the authenticity of such information. This report is not intended to serve as a trading tool for customers or for potential customers. If you would like to like to receive this information via email, please send your request to wges_lgc@wges.com.

To ensure delivery of the ENERGY UPDATE, please add wges_lgc@wges.com to your email address book or Safe Sender List.
If you are still having problems receiving our communications, see our white-listing page for more details.