GAZB - Natural Gas Market: Total Demand Has Already Reached A Seasonal Peak But Storage 'Surplus' Will Continue To Shrink
The Weather
Last week
Last week (ending July 24), the number of cooling degree days (CDDs) edged up by 1.3% w-o-w (from 100 to 102). We estimate that total energy demand (as measured in total degree days, or TDDs) was 16.0% above last year's level and 15.0% above the 30-year average.
This week
This week (ending July 31), the weather conditions continue to warm up, but only slightly. We estimate that the number of nationwide CDDs will rise by around 1.0% w-o-w (from 102 to 103). Total average daily consumption of natural gas (in contiguous