On Friday, the U.S. Energy Information Administration (EIA) reported that working gas in storage as of Friday, June 12, 2020 was 2,892 Bcf. This is an increase of 85 Bcf from the previous week. Inventories are currently 722 Bcf higher than last year during this same period and 419 Bcf above the 5-year average of 2,473 Bcf.
Normal to slightly above normal temperatures will prevail this week and CDD’s will tick higher. There is a possibility that on June 22nd or June 23rd an hour between 3 p.m. and 7 p.m. will end up as one of the five highest PJM peak loads of the year. Customers wanting to ensure they catch all five peaks should consider reducing electricity consumption on these days and times.
Markets were lower this week as the 12-month Nymex gas curve moved down 4.2% and the 12-month PJM Western Hub decreased 0.67%.