Natural Gas Storage Forecast: Annual Surplus Can Grow By More Than 100 Bcf Over The Next 4 Weeks

 October 9, 2019 - 2:05 PM EDT
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Natural Gas Storage Forecast: Annual Surplus Can Grow By More Than 100 Bcf Over The Next 4 Weeks

The Weather

Last week

Last week (ending October 4), the number of cooling degree-days (CDDs) dropped by approximately 8.4% w-o-w (from 64 to 58), as weather conditions cooled down across the country. Heating demand has surged w-o-w but it remained relatively weak to have a meaningful impact on natural gas consumption. We estimate that total energy demand (as measured in total degree-days, or TDDs) was approximately 22.0% above last year's level and as much as 34.0% above the norm (see the chart below).

This week

This week, the weather conditions are cooling down again, but

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Source: SeekingAlpha (October 9, 2019 - 2:05 PM EDT)

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