Thursday, April 1, 2010

Storage Up 12 Bcf

The EIA weekly storage report showed another small increase in natural gas in storage, up 12 Bcf this week to 1.638 Tcf.  Last year this week there was a net zero increase but the five year average for this week is a 27 Bcf decrease.  As a result, this week's storage figure is 10.8% higher than the five year average. (Unfortunately, because of the surge in production last year, comparing to 2009 is becoming a less relevant measure.)

For gas fans, this is not great news.  Check out the trajectory of the red line in the EIA's graphic below.  We all know what that means.

Looking at temperatures from last week, it is evident that warmer than normal temperatures, especially in the Northeast, continue to bedevil the natural gas industry.

No comments: