Thursday, December 17, 2009

Storage Down Big

The weekly EIA natural gas in storage report came out this morning showing a sharp decrease in gas in storage.  For the week, gas in storage dropped 207 Bcf to 3.566 Tcf.  That is nearly double last year's withdrawal this week of 116 Bcf and well above the five year average for this week of 127 Bcf.

In terms of region, the East Region saw a net withdrawal of 93 Bcf, the Producing Region decreased 75 Bcf and the West Region was lower by 39 Bcf. 

It's nice to finally see the red line on the above chart pointing down, but gas stocks are still very high, 13.8% above the five year average.

The Associated Press reported that the 207 Bcf withdrawal was the biggest ever for this time of year.  Temperature variance maps show the cold weather across the country that led to the big drawdown.

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