Volume 15, Issue 55 March 12, 2018
In this Issue
WGL Energy and Susquehanna University Partner to Develop 14-Acre Solar Array in Pennsylvania
Editor's Note
Prices Rise As Storage and Temperatures Drop
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Editor's Note
Prices Rise As Storage and Temperatures Drop
Weekly review for March 4 - 10, 2018

 

On Thursday, the U.S. Energy Information Administration (EIA) reported that working gas in storage as of Friday, March 2, 2018, was 1,625 BCF. This was a decrease of 57 BCF from the previous week and was in line with market expectations. This was the smallest withdrawal from storage since the last week of November. Despite that, inventories are now 680 BCF, or 30%, lower than last year at this time and 300 BCF, or 16%, below the 5-year average.

On Thursday, March 1, the first cargo of liquefied natural gas (LNG) was exported from Dominion’s Cove Point terminal on the Chesapeake Bay in Maryland. This makes Cove Point the second operational LNG export facility in the United States. This facility will likely have a more significant impact on natural gas prices in our region than Sabine Pass, since Cove Point connects with a large number of interstate pipelines serving the Mid-Atlantic region.

After a very mild February (24% warmer than the 30-year average at Washington Reagan National Airport), we are off to a cold start to March. Although it is early in the month, based on current weather forecasts, we are on track to be 8% colder than the 30-year average at Washington Reagan National Airport. This would mean that the average temperature in March would be colder than the average temperature experienced in February. 

As the market looks at low storage levels and strong late-season heating demand, prices moved up this week. The PJM West Hub 12-month forward curve rose 0.5% this week, while the NYMEX natural gas 12-month strip was up 2.2%. Stay tuned as we finish up the winter heating season.

 

This past week's market information is provided as a courtesy to our customers and is not indicative of, nor should be relied upon, as representative of future transactions.

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