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June 21 Natural Gas Weekly: Storage Needs Larger Injections

June 21, 2018  

WEATHER

U.S. Energy Information Administration should report a slightly smaller change in natural gas storage this week compared to the week prior. We anticipate to see an injection of 85 bcf (fully in line with the comparable figure in ICE's latest report for the EII-U.S. EIA Financial Weekly Index, 22 bcf larger than a year ago and 2 bcf larger vs 5-year average for this time of the year).

Last week, the number of total degree-days (TDDs) increased by now less than 10% w-o-w, as cooling demand went up in virtually every consumption region of the United States, but particularly in Central part of the country. However, we estimate that total energy demand was still some 9% below last year’s level. Please note that heating degree-days (HDDs) have reached the point, where they are no longer relevant and have no effect on natural gas consumption. Cooling degree-days (CDDs) now have a disproportionately stronger effect on consumption and traders should be paying attention to changes in CDDs.

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