The Weather
Last week, the number of cooling degree-days (CDDs) plunged by 19.0% w-o-w (from 94 to 76), as weather conditions cooled down across the country. Heating demand has increased but remains too weak to have any significant impact on natural gas consumption. We estimate that total energy demand (as measured in total degree-days, or TDDs) was approximately 15% below last year’s level, but mostly within the norm (see the chart below).
This week, the weather conditions have warmed up again. We estimate that the number of nationwide CDDs will rise by 10.0% w-o-w in