GAZB - Natural Gas Storage: Annual 'Surplus' Will Continue To Shrink For Another 10 Weeks (At Least)
The Weather
Last week
Last week (ending June 26), the number of cooling degree days (CDDs) jumped by 37.3% w-o-w (from 59 to 81). We estimate that total energy demand (as measured in total degree days, or TDDs) was 4.7% above last year's level and 6.5% above the 30-year average.
This week
This week (ending July 3), the weather conditions are warming up. We estimate that the number of nationwide CDDs will rise by 11.9% w-o-w (from 81 to 90). Total average daily consumption of natural gas (in contiguous United States) should be somewhere between