GAZB - Natural Gas Storage: The Market Underestimates The Demand Side Of The Equation
The Weather
Last week
Last week (ending January 17), the number of heating degree days (HDDs) edged down by 0.8% w-o-w (from 159 to 158). Cooling demand remained 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 15.3% below last year's level and as much as 19.5% below the 30-year norm.
This week
This week (ending January 24), the weather conditions got significantly colder. We estimate that the number of nationwide HDDs will jump by about 27.0%