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GAZB - Natural Gas Market: Production Is Decreasing But Demand Remains Weak
Barclays Bank PLC
The Weather
Last week
Last week (ending May 1), the number of heating degree days (HDDs) dropped by 35% w-o-w (from 75 to 49), while the number of cooling degree days (CDDs) increased by 17% (from 17 to 20). However, we estimate that total energy demand (as measured in total degree days, or TDDs) was 17% below last year's level, but mostly in line with the 30-year average for this time of the year.
This week
This week (ending May 8), the weather is cooling down, but only slightly. We estimate that the number of