UNG - Natural Gas Trading: Projected CDDs Are Rising But Supply-Demand Balance Remains Bearish
This report covers the week ending May 17, 2019.
Total Demand
We estimate that aggregate demand for American natural gas (consumption + exports) totaled around 558 bcf for the week ending May 17 (up 1.4% w-o-w and up 6.1% y-o-y). The deviation from the norm remained positive, but increased only slightly from +14.6% to +15.7% (see the chart below).
Source: Bluegold Research Estimates and Calculations
This week, the weather conditions have been abnormally cool as the number of nation-wide heating degree-days (HDDs) jumped 14.0% w-o-w, while the number of cooling-degree days (CDDs) edged down by