Energy Update - 07/22/2019 (Plain Text Version)
Moderating Temperatures and Prices
Weekly review for July 13 - July 19, 2019
On Thursday, the U.S. Energy Information Administration (EIA) reported that working gas in storage as of Friday, July 12th, 2019 was 2,533 BCF. This was an increase of 62 BCF from the previous week and was less than what the market was expecting. Storage levels are 291 BCF (13%) higher than a year ago, but 143 BCF (5.3%) lower than the 5 year average for this date.
After a warmer than normal beginning to July in our region, cooler than normal temperatures may be on tap. The National Weather Service 6-10 day outlook shows continued cooler than normal temperatures for our region and the bulk of the Eastern United States.
Prices were down this week. At the end of the week, the NYMEX natural gas 12-month strip was down 4.5%, and the PJM West Hub 12-month forward curve was down 1.1%.
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.