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GAZB - Natural Gas Storage: Annual 'Surplus' Is Shrinking But 5-Year Average 'Surplus' Is Growing
Barclays Bank PLC
The Weather
Last week
Last week (ending April 3), the number of heating degree days (HDDs) dropped by almost 16% w-o-w (from 107 to 90). We estimate that total energy demand (as measured in total degree days, or TDDs) was 7.6% below the 30-year norm and as much as 11.5% below last year's level. Cooling demand remained too weak to have a meaningful impact on natural gas consumption.
This week
This week (ending April 10), the weather is warming up again. We estimate that the number of nationwide HDDs will plunge by 21.3% w-o-w (from