Energy Update - 05/04/2020  (Plain Text Version)

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In this issue:
Editor's Note
•  Cooler Than Normal Temps Will Dominate
Weather
•  Washington, D.C. Area Cooling/Heating Degree Days

 

Editor's Note

Cooler Than Normal Temps Will Dominate

Weekly review for April 26 - May 2, 2020

 
On Friday, the U.S. Energy Information Administration (EIA) reported that working gas in storage as of Friday, April 24, 2020 was 2,210 Bcf.  This is an increase of 70 Bcf from the previous week. Inventories are currently 783 Bcf higher than last year during this same period and 360 Bcf above the 5-year average of 1,850 Bcf.  
 
Cooler than normal temps dominate the next few weeks’ forecast.  While this should bring a slight jump in HDD demand, it won’t come anywhere close to offsetting the demand declines due to COVID-19 shutdowns. The complete demand picture for the near term has yet to come into focus as the market capitulates based on current news cycles.
 
Markets were higher this week as the 12-month Nymex gas curve moved up 1.9% and the 12-month PJM Western Hub increased 0.72%. 
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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.