The Weather
Last week, the number of heating degree-days (HDDs) plunged by 43.0% w-o-w, as weather conditions warmed up across the country. Heating demand was down 17% y-o-y. We estimate that total energy demand (as measured in total degree-days, or TDDs) was approximately 14% below last year’s level.
This week, the weather conditions have cooled down, but only slightly. We estimate that the number of nationwide HDDs will rise by 5.0% w-o-w in the week ending March 22. Total average daily demand for natural gas for that week should be somewhere between 100 and 105