Thursday, March 4, 2010

Storage down 116 Bcf

The EIA weekly storage report for last week showed a decrease of 116 Bcf, or 6.3%, to 1.737 Tcf.  That figure is about on par with the withdrawal from last year (-101 Bcf) and the five year average (-124 Bcf).  Currently the storage figure is 3.9% lower than last year's figure and 1.2% higher than the five year average. 

The five year average storage level for exiting the withdrawal season is 1.478 Tcf.  Assuming this happens the last week of March (reported first week of April), there are four weeks remaining to withdraw 259 Bcf of gas, a weekly average of 65 Bcf.

By region, the largest percentage withdrawal was in the East Region (-7.9%), the largest of all the storage regions, while the West and Producing Regions saw withdrawals in the 4% range.  Currently, the Producing and East Region storage levels are 4% and 1% below the five year average, respectively, while the West Region is 22% above the five year average.  While the West Region percentage number seems shocking, it is by far the smallest storage region with 296 Bcf currently in storage.

I have to admit that I was a little disappointed in the withdrawal.  I seem to remember a pretty wintery week last week, but I'm getting my blizards confused.  In actuality, temperatures were considerably warmer in the Northeast and upper Atlantic Coast regions, which are particularly big users of gas.

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