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Natural Gas Annual Storage 'Surplus' Is Projected To Shrink By More Than 150 Bcf Over The Next 3 Weeks

December 18, 2019  

The Weather

Last week

Last week (ending December 13), the number of heating degree days (HDDs) edged up by 4.2% w-o-w (from 155 to 162). Cooling demand remains too weak to have a meaningful impact on natural gas consumption. Despite higher HDDs, we estimate that total energy demand (as measured in total degree days, or TDDs) was approximately 9.7% below last year's level and 7.6% below the norm.

This week

This week (ending December 20), the weather conditions are getting colder. We estimate that the number of nationwide HDDs will jump by 21.7% w-o-w (from 162 to 197). Total average daily demand for natural gas should be somewhere between 125 bcf/d and 130 bcf/d, which is approximately 31.0% above the 5-year average for this time of the year. Total energy demand (measured in TDDs) should be some 35.0% above last year's level, but only 5.4% above the norm.

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