Volume 18, Issue 8 March 29, 2021
In this Issue
Editor's Note
Heating Season is Coming to an End
Weather
Washington, D.C. Area Cooling/Heating Degree Days
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Editor's Note
Heating Season is Coming to an End
Week in Review for March 21 - March 27, 2021
 
On Thursday, the U.S. Energy Information Administration (EIA) reported that working gas in storage as of Friday, March 19, 2021 was 1,746 BCF. This was a decrease of 36 BCF from the previous week. Inventories are now 263 BCF lower than last year at this time, 78 BCF below the 5-year average.
 
This heating season (Nov 2020-Mar 2021) is notable for the relatively steep decline in storage inventories versus last year and the five-year average, as shown in EIA’s chart below. We begun the heating season with a roughly 200 BCF surplus versus the 5-year average, and now are 78 BCF below as noted above – a reduction of 278 BCF vs the 5 year average during this heating season. There are always year-over-year fluctuations from week to week, primarily due to weather differences – this year was not cold overall but, the reduction can be completely accounted for by the abnormally frigid weather and related production impacts in the 2 weeks leading up to 2/19/2021. Those two weeks resulted in a 313 BCF decrease in storage levels vs the 5-year average, while the rest of the season showed slightly lower withdrawals than the 5-year average, primarily due to warmer weather.
 

 
Weather was warm and spot markets were down but forward energy markets were up this week. The NYMEX natural gas 12-month strip (Apr21-Mar22) ended up 3.3% and the PJM Western Hub 12-month strip was up 1.3%.  
 
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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