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UNL - Natural Gas Market: Declining Production Is A Major Bullish Factor But Demand Remains Weak And LNG Exports Damaged
United States 12 Month Natural Gas Fund
The Weather
Last week
Last week (ending May 15), the number of heating degree days (HDDs) edged up by 4.6% w-o-w (from 52 to 55), while the number of cooling degree days (CDDs) decreased by 16.9% (from 28 to 23). We estimate that total energy demand (as measured in total degree days, or TDDs) was 17.7% above last year's level and 27.8% above the 30-year average.
This week
This week (ending May 22), the weather conditions are warming up. We estimate that the number of nationwide HDDs will plunge by almost 60% w-o-w (from 55