UNL - January 24 2019 Natural Gas Storage Report: Last Bearish Draw
The Weather
Last week, the number of heating degree-days (HDDs) rose by 17.0% w-o-w. However, we estimate that total energy demand (as measured in total degree-days - TDDs) was approximately 20% below last year's level.
This week, the weather conditions have cooled down significantly across the country. Specifically, heating demand increased, most noticeably, in the Midwest and Northeast parts of the U.S. We estimate that the number of HDDs will rise by around 18.0% w-o-w in the week ending January 25. Indeed, total energy demand (measured in TDDs) should be no less than 40% above