Volume 18, Issue 10 February 21, 2022
In this Issue
Achieving Sustainability with WGL Energy
Editor's Note
Prices Continue to Bounce
Weather
Washington, D.C. Area Cooling/Heating Degree Days
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Editor's Note
Prices Continue to Bounce
Week in review for February 13-19, 2022

Thursday, the U.S. Energy Information Administration (EIA) reported that working gas in storage as of Friday February 11, 2022, was 1,911 Bcf. This was a decrease of 190 Bcf from the previous week, a bit lower than market expectations. Inventories are now 404 Bcf lower than the same time last year, and 251 Bcf below the 5-year average, close to the 5-year minimum.

Forward energy markets resumed their upward climb this week, with large increases on Monday and Wednesday as the market absorbed some colder forecasts for the end of February and beginning of March. Despite being past the bulk of the winter, recent markets have been very volatile with three double digit percentage changes in a row for the 12-month NYMEX natural gas strip (Mar22-Feb23): up 11.4% for the week ending 2/3/2022, down 14.8% for the week ending 2/10/2022, and this week up 11.0% for the week ending 2/17/2022. As usual electricity moved in a similar pattern to gas, with the 12-month PJM STD 7x24 contract strip up 6.8% this week.

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