Volume 18, Issue 10 October 18, 2022
In this Issue
Editor's Note
Huge Build, Prices Up
Energy Market Charts
Feature
Celebrating a Dozen Years with CBF!
Weather
Washington, D.C. Area Cooling/Heating Degree Days
Green Products
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Editor's Note
Huge Build, Prices Up
Week in review for October 9-15, 2022

Thursday, the U.S. Energy Information Administration (EIA) reported that working gas in storage as of Friday October 7, 2022, was 3,231 Bcf. This was an increase of 125 BCF from the previous week, a historically large number, 3rd highest reported by EIA, eclipsed only by last week’s 129 Bcf and a 132 build on May 29, 2015, as shown in the chart below. 

However, in part based on strong production, the continuing outage to Freeport LNG export facility, and Cove Point LNG export facility recently down for maintenance, the markets were expecting an even larger build and the report proved to be a bit bullish. Inventories are now 126 Bcf lower than last year at this same time, and 221 Bcf below the 5-year average. These are still somewhat low levels this close to the start of Winter but, rapidly improving from the deficits of 296 vs last year and 367 versus 5-year average we saw recently.

Gas and power prices up this week. The prompt 12-month NYMEX natural gas strip (Nov22-Oct23) was up 1.3% for the week, the 12-month PJM STD 7x24 strip was up 0.8%.


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