Volume 18, Issue 10 October 4, 2021
In this Issue
Clean Energy Starts With You
Editor's Note
Volatility and Worldwide Demand for Natural Gas
Weather
Washington, D.C. Area Cooling/Heating Degree Days
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Editor's Note
Volatility and Worldwide Demand for Natural Gas
Week in review for September 26 October 2, 2021

On Thursday, the U.S. Energy Information Administration (EIA) reported that working gas in storage as of Friday September 24, 2021 was 3,170 BCF. This was an increase of 88 BCF from the previous week, close to market expectations. Inventories are now 575 BCF lower than last year at this time, and 213 BCF below the 5-year average: both of those numbers are slightly better than last week (and the week before) but still at low levels leading to fears about the amount of gas heading into the heating season. Supply concerns are exacerbated by even lower storage levels in Europe where supplies are below the previous 5-year minimum, leading to high prices in European markets which, combined with ever-present Asian demand, increase price incentives for US production to be shipped out as LNG even during periods of high US demand.

Energy markets bounced around but ended sharply higher, with the 12-month NYMEX natural gas strip (Nov 21-Oct 22) up 9.7% and the PJM Western Hub ATC (7X24) 12-month strip up a whopping 13.4%. As was the case last week, prices for 2024 and 2025 are more reasonable, and a significant discount versus 2022.

 

 


 

 

 

 

 

 

 


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