Thursday, April 15, 2010

Ouch, Storage up 87 Bcf

This week's EIA natural gas in storage report showed an increase of 87 Bcf to 1.756 Tcf.  Compared to the past, both last year and the five year average showed increases of 21 Bcf.  The current year's storage figure is 3.6% higher than last year and 16.3% higher than the five year average.  This is not good.

Looking at the weekly temperature maps, it was a warm week.  I don't know if one can expect much of an impact from heaters in early April, but from the looks of it, everyone in the eastern half of the country had their windows open last week.

Looking forward, EIA made a prediction for the summer injection season.  Based on its crystal ball, the EIA estimates that 2.111 Tcf will be injected into storage this summer, bringing the injection season in at 3.771 Tcf, just 36 Bcf lower than last year's record high storage level.  Predictions, educated guesses, guesstimations, monkeys throwing darts at newspapers all have the same approximate value in my book, but it gives us a target to hit or miss.

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