On Thursday, the U.S. Energy Information Administration (EIA) reported that working gas in storage as of Friday, October 11, 2019, was 3,519 BCF. This was an increase of 104 BCF from the previous week and was slightly less than what the market was expecting. Storage levels are 494 BCF (16.3%) higher than a year ago, and 14 BCF (0.4%) higher than the 5 year average for this date. Notably, this is the first time in more than two years that storage inventories have been above the 5 year average.
After a warmer than normal May, June, July, August, and September in our region, October has continued this pattern. Heating degree days at Washington Reagan National Airport have been 47.9% lower than the 30 year average for the first 17 days of September. This pattern may be changing, as the NOAA 8-14 day temperature outlook is showing normal to cooler than normal temperatures for our region.
Prices were up this week. At the end of the week, the NYMEX natural gas 12-month strip was up 2%, while the PJM West Hub 12-month forward curve was up 1.9%.
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.