GAZB - Natural Gas Market: The Fundamentals Were Improving Before The Coronavirus Hit
The Weather
Last week
Last week (ending March 13), the number of heating degree days (HDDs) declined by 24.5% w-o-w (from 124 to 94). We estimate that total energy demand (as measured in total degree days, or TDDs) was 22.2% below last year's level and as much as 27.8% below the 30-year norm. Cooling demand remained too weak to have a meaningful impact on natural gas consumption.
This week
This week (ending March 20), the weather conditions are getting colder. We estimate that the number of nationwide HDDs will rise by 18.2% w-o-w (from 94