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GAZB - Natural Gas Storage: End-Of-Season Expectations Seem To Be Too Bearish
Barclays Bank PLC
The Weather
Last week
Last week (ending January 3), the number of heating degree days (HDDs) edged up by 4.4% w-o-w (from 139 to 145). Cooling demand remains too weak to have a meaningful impact on natural gas consumption. Despite higher HDDs, we estimate that total energy demand (as measured in total degree days, or TDDs) was approximately 16.7% below last year's level and as much as 26.4% below 30-year norm.
This week
This week (ending January 10), the weather conditions are getting colder. We estimate that the number of nationwide HDDs will jump by