The Weather
Last week (ending September 13), the number of cooling degree-days (CDDs) dropped by 8.0% w-o-w (from 82 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 24.0% above last year's level and 21.0% above the norm (see the chart below).
This week, the weather conditions are cooling down again. We estimate that the number of nationwide CDDs will plunge by