On Thursday, the U.S. Energy Information Administration (EIA) reported that working gas in storage as of Friday, August 16th, 2019 was 2,797 BCF. This was an increase of 59 BCF from the previous week and was slightly less than what the market was expecting. Storage levels are 369 BCF (15.2%) higher than a year ago, but 103 BCF (3.6%) lower than the 5-year average for this date.
After a warmer than normal May, June, and July in our region, August has continued this pattern. Cooling degree days at Washington Reagan National Airport have been 23.6% warmer than the 30-year average for the first 22 days of August, and the National Weather Service 6-10 and 8-14 Day Outlooks both show continued warmer than normal temperatures for our region.
Prices were down this week. At the end of the week, the NYMEX natural gas 12-month strip was down 2.3%, and the PJM West Hub 12-month forward curve was down 1.2%.
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.