Thursday, September 17, 2009

Storage Excess Narrows Again

The ice cream is melting a little slower this week. The Energy Information Administration released its weekly gas in storage report this morning, and it showed a increase of 66 Bcf last week (ending September 11). The storage number sits at 3.458 Tcf, which is still quite high, 16.7% greater than this time last year and 16.1% higher than the average for the past five years.

The only good news is that the margin by which the current gas in storage number exceeds historical trends is narrowing slightly each week. The bad news is that storage is going to be pushing maximum capacity in a few weeks. It will yield an all-time storage record, but the question is will it max out?

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