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UNG - Natural Gas Market: Production Has Been Surprisingly Resilient But Will Drop Nonetheless
United States Natural Gas Fund LP
The Weather
Last week
Last week (ending April 17), the number of heating degree days (HDDs) jumped by almost 40% w-o-w (from 75 to 105). We estimate that total energy demand (as measured in total degree days, or TDDs) was 31% above the 30-year norm and as much as 53% above last year's level. Cooling demand remained too weak to have a meaningful impact on natural gas consumption.
This week
This week (ending April 24), the weather is warming up. We estimate that the number of nationwide HDDs will plunge by almost 30% w-o-w (from