The Weather
Last week
Last week (ending October 4), the number of cooling degree-days (CDDs) dropped by approximately 8.4% w-o-w (from 64 to 58), as weather conditions cooled down across the country. Heating demand has surged w-o-w but it remained relatively weak to have a meaningful impact on natural gas consumption. We estimate that total energy demand (as measured in total degree-days, or TDDs) was approximately 22.0% above last year's level and as much as 34.0% above the norm (see the chart below).
This week
This week, the weather conditions are cooling down again, but