Energy Update - 08/03/2020 (Plain Text Version)
A Return to Seasonal Weather
Weekly review for July 26 - August 1, 2020
On Friday, the U.S. Energy Information Administration (EIA) reported that working gas in storage as of Friday, July 24, 2020 was 3,241 Bcf. This is an increase of 26 Bcf from the previous week. Inventories are currently 626 Bcf higher than last year during this same period and 429 Bcf above the 5-year average of 2,812 Bcf.
Weather will return to a more normal pattern this week after seeing some of the highest temperatures of the season last week. This return to normal seasonal weather, along with very few outages thus far at the generation level, should keep congestion premiums at bay in the near term.
Markets moved higher this week as the 12-month NYMEX gas curve gained 2.9% and the 12-month PJM Western Hub increased 0.85%.
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.