Thursday, March 11, 2010

Storage Down 111 Bcf

The weekly EIA working gas in storage number decreased by 111 Bcf to 1.626 Tcf.  This decrease is almost exactly in line with last year (-111 Bcf) and the five year average (-109 Bcf) for this week.  The current storage level is 4.2% below last year's number and 1.2% higher than the five year average. 

Targeting the five year average of 1.478 Bcf to exit the withdrawal season at the end of March, that means we need to see a 147 Bcf withdrawal over the next three weeks, or an approximate average of 50 Bcf per week.

All things considered, the storage withdrawal number was pretty good.  Last week's cold weather seemed mostly in the southeast, where there is a lot of coal-generated power. 

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