Energy Update - 08/31/2020 (Plain Text Version)
Gas Up On Supply and Demand Pressure
Weekly review for August 23 - 29, 2020
On Thursday, the U.S. Energy Information Administration (EIA) reported that working gas in storage as of Friday, August 21, 2020 was 3,420 BCF. This was an increase of 45 BCF from the previous week. Inventories are now 580 BCF higher than last year at this time, 438 BCF above the 5-year average.
This week with the NYMEX natural gas 12-month strip (Sept. 2020 - Aug. 2021) was up 2.6%, but the PJM Western Hub 12-month strip was flat. Hurricane Laura is impacting production in the gulf, and another heat wave this week put some short term demand pressure as the amount of gas utilized for power production was up.
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.