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UNG - Natural Gas Storage Forecast: First Bullish Build In 15 Weeks
United States Natural Gas Fund LP
The Weather
Last week
Last week (ending November 1), the number of heating degree days (HDDs) surged by no less than 65.0% w-o-w (from 61 to 102), as weather conditions cooled down significantly across the Lower-48 states. Cooling demand has dropped by about 48.0% and remains 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 34.0% above last year's level and 26.0% above the norm (see the chart below).