Energy Update - 12/16/2019 (Plain Text Version)
A down week for gas and power prices
Weekly review for December 7 - December 13, 2019
On Thursday, the U.S. Energy Information Administration (EIA) reported that working gas in storage as of Friday, December 6, 2019 was 3,518 BCF. This was a decrease of 73 BCF from the previous week and was a slightly smaller decrease than what the market was expecting. Storage levels are 593 BCF (20.3%) higher than a year ago, but 14 BCF (0.4%) lower than the 5 year average for this date.
After a cooler than normal November in our region, December’s temperatures to date have been very close to normal. Looking further out, the NOAA 6-10 day temperature outlook is calling for cooler than normal temperatures for our region, while the 8-14 day outlook calls for normal temperatures.
Prices were down this week. At the end of the week, the NYMEX natural gas 12-month strip was down 1%, while the PJM West Hub 12-month forward curve was down 2.6%.
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.