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Natural Gas Trading: Projected CDDs Are Rising, But Supply-Demand Balance Remains Bearish

May 17, 2019  

This report covers the week ending May 17, 2019.

Total Demand

We estimate that aggregate demand for American natural gas (consumption + exports) totaled around 558 bcf for the week ending May 17 (up 1.4% w-o-w and up 6.1% y-o-y). The deviation from the norm remained positive, but increased only slightly from +14.6% to +15.7% (see the chart below).

This week, the weather conditions have been abnormally cool as the number of nation-wide heating degree-days (HDDs) jumped 14.0% w-o-w, while the number of cooling-degree days (CDDs) edged down by 2.0%. Overall, total energy demand (measured in total degree-days) should be above last year's level by around 7.0%.

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