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MLPG - Natural Gas Storage: The Weather Models Have Continued To Disappoint The Bulls
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The Weather
Last week
Last week (ending January 31), the number of heating degree days (HDDs) dropped by another 17.2% w-o-w (from 198 to 164). Indeed, we estimate that total energy demand (as measured in total degree days, or TDDs) was as much as 32.0% below last year's level and 17.0% below the 30-year norm. Cooling demand remained too weak to have a meaningful impact on natural gas consumption.
This week
This week (ending February 7), the weather conditions will get even warmer. We estimate that the number of nationwide HDDs will drop by another