Thursday, October 15, 2009

Storage Up, Injection Rate Slows a Bit

The EIA natural gas in storage number was released this morning. It showed a 58 Bcf injection, bringing the total gas in storage to 3.716 Tcf. The storage injection is 11 Bcf lower than last week's injection and 21 Bcf lower than the rate the second week of October last year.

This week's storage number is 13.8% higher than last year's number (last week it was 14.9% higher) and 14.6% higher than the five year trailing average (last week it was 15.1% higher). It's still trending in the right direction, but the biggest unknown is when injections will stop. Since there is little consistency in this date (it has ranged from the third week of October to the third week of November in the past five years), it's still white-knuckle-hold-on-tight time.

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