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MLPG - Natural Gas Storage: Expecting Another Relatively Bullish Draw
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The Weather
Last week
Last week (ending February 14), the number of heating degree days (HDDs) jumped by 15.4% w-o-w (from 157 to 181). However, we estimate that total energy demand (as measured in total degree days, or TDDs) was 3.6% below last year's level, but mostly within the 30-year norm. Cooling demand remained too weak to have a meaningful impact on natural gas consumption.
This week
This week (ending February 21), the weather conditions will get slightly warmer. We estimate that the number of nationwide HDDs will edge down by 3.4% w-o-w (from 181