UGAZF - Natural Gas Market: Market's EOS Storage Expectations Are Excessively Bullish
The Weather
Last week
Last week (ending August 14), the number of cooling degree days (CDDs) jumped by 22.0% w-o-w (from 84 to 102). We estimate that total energy demand (as measured in total degree days, or TDDs) was 8.8% above last year's level and as much as 19.7% above the 30-year average.
This week
This week (ending August 21), the weather conditions have cooled down quite substantially across the contiguous United States. We estimate that the number of nationwide CDDs will drop by 12.2% w-o-w (from 102 to 90). Total average daily consumption of