The Weather
Last week
Last week (ending November 15), the number of heating degree days (HDDs) jumped by 32.6% w-o-w (from 125 to 166), as weather conditions continued to get colder across the Lower-48 states. Cooling demand has plunged by about 54.7% and remains too 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 4.0% below last year's level, but as much as 46.6% above the norm (see the chart below).
This week
This week (ending November 22),