for week ending August 7, 2013 | Release Date: August 8, 2013 | Next Release: August 15, 2013
In the News:
Summer storage injections higher than last year, on par with five-year averageTake a look at the cooling degree day deviations for the week through Aug 1:
Following last week’s net storage injection of 96 billion cubic feet (Bcf), total natural gas working inventories in the Lower 48 states reached 2,941 Bcf, surpassing the five-year average from 2008 to 2012 for the first time since the week ending on March 22, 2013. Storage injections during the first four months of the 2013 summer injection season (April through July) totaled 1,254 Bcf. While this represents a 63% increase over cumulative storage injections for the same period last year, it is only 5% above injections from 2008 to 2012.The differences in storage injections reflect two key variables: (1) lower natural gas consumption by electric generators (power burn) in summer 2013 compared to 2012; and (2) starting inventories on April 1 that were 31% below last year’s record of 2,477 Bcf, providing more open storage capacity for injections to occur.
In April-July 2013, natural gas power burn averaged 23.4 billion cubic feet per day (Bcf/d), an 18% decrease from 2012 levels, according to data from Bentek Energy. This occurred because of a combination of cooler temperatures in 2013 combined with higher prices. Average U.S. temperatures in April through July 2013 decreased 3% year-on-year to 68.2 degrees Fahrenheit, leading to less overall power demand. As this occurred, the average Henry Hub spot price rose 63% over year-ago levels to $3.92 per MMBtu, reducing demand for natural gas from power sector consumers. However, April-July prices this year remained 25% below 2008-12 levels, with power burn 4% higher, residential and commercial consumption 9% higher, industrial consumption 5% higher and net imports 43% lower, keeping injections flat against the five-year average despite an 11% increase in production....MUCH MORE
| Temperature -- Heating & Cooling Degree Days (week ending Aug 01) | ||||||||
|---|---|---|---|---|---|---|---|---|
HDD deviation from:
|
CDD deviation from:
|
|||||||
| Region |
HDD Current
|
normal
|
last year
|
CDD Current
|
normal
|
last year
|
||
| New England |
2
|
-1
|
1
|
34
|
-11
|
-6
|
||
| Middle Atlantic |
3
|
0
|
3
|
40
|
-19
|
-26
|
||
| E N Central |
19
|
15
|
19
|
20
|
-37
|
-56
|
||
| W N Central |
16
|
13
|
16
|
31
|
-40
|
-68
|
||
| South Atlantic |
0
|
0
|
0
|
85
|
-12
|
-28
|
||
| E S Central |
1
|
0
|
1
|
68
|
-27
|
-45
|
||
| W S Central |
0
|
0
|
0
|
128
|
2
|
-23
|
||
| Mountain |
1
|
-2
|
1
|
85
|
6
|
-2
|
||
| Pacific |
0
|
-2
|
0
|
45
|
-3
|
2
|
||
| United States |
6
|
4
|
6
|
59
|
-16
|
-28
|
||
| Note: HDD = heating degree-day; CDD = cooling degree-day | ||||||||
