THE WEATHER
Last week, the number of heating degree-days (HDDs) jumped by 19.0% w-o-w and was up 39% y-o-y. We estimate that total energy demand (as measured in total degree-days – TDDs) was approximately 41% above last year’s level.
This week, the weather conditions have warmed up significantly across the U.S. A drop in heating demand was especially pronounced in the Midwest and Northeast parts of the country. We estimate that the number of nation-wide HDDs will plunge by no less than 40.0% w-o-w in the week ending March 15. However, because the number of