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UNG - Natural Gas Storage Forecast: A Bearish Draw But The Outlook Is Bullish
United States Natural Gas Fund LP
The Weather
Last week
Last week (ending November 29), the number of heating degree days (HDDs) jumped by 8.15% w-o-w (from 128 to 139), as weather conditions cooled down across the Lower-48 states. Cooling demand has plunged by about 37.6% and 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 9.3% below last year's level and 4.9% below the norm (see the chart below).