GAZB - Natural Gas Market: We Have Closed All Our Long Positions And We Are Now Cautiously Bearish
The Weather
Last week
Last week (ending July 31), the number of cooling degree days (CDDs) edged down by 0.9% w-o-w (from 102 to 101). However, we estimate that total energy demand (as measured in total degree days, or TDDs) was 4.5% above last year's level and 13.5% above the 30-year average.
This week
This week (ending August 7), the weather conditions continue to cool down, but more noticeably. We estimate that the number of nationwide CDDs will drop by around 17.0% w-o-w (from 101 to 85). Total average daily consumption of natural gas (in