GAZB - Natural Gas Storage Forecast: Another Triple-Digit Build
The Weather
Last week
Last week (ending October 11), the number of heating degree-days (HDDs) surged by approximately 47.0% w-o-w (from 25 to 37), as weather conditions cooled down across the country. Cooling demand has dropped by almost 49% and is now too weak to have a meaningful impact on natural gas consumption. We estimate that total energy demand (as measured in total degree-days, or TDDs) was approximately 6.0% below last year's level, but mostly within the norm (see the chart below).
This week
This week (ending October 18), the weather conditions are cooling down