The Weather
Last week
Last week (ending November 29), the number of heating degree days (HDDs) jumped by 8.15% w-o-w (from 128 to 139), as weather conditions cooled down across the Lower-48 states. Cooling demand has plunged by about 37.6% and remains too weak to have a meaningful impact on natural gas consumption. Despite higher HDDs, we estimate that total energy demand (as measured in total degree days, or TDDs) was approximately 9.3% below last year's level and 4.9% below the norm (see the chart below).
This week
This week (ending December 6), the weather