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GAZB - Natural Gas Market: Hurricane Laura Destroys Demand And Supply Alike
Barclays Bank PLC
The Weather
Last week
Last week (ending August 21), the number of cooling degree days (CDDs) dropped by 12.0% w-o-w (from 102 to 90). We estimate that total energy demand (as measured in total degree days, or TDDs) was 5.0% below last year's level but 9.4% above the 30-year average.
This week
This week (ending August 28), the weather conditions have warmed up across the contiguous United States. We estimate that the number of nationwide CDDs will increase by 12.3% w-o-w (from 90 to 101). Total average daily consumption of natural gas (in the contiguous