Thursday, May 27, 2010

Gas in Storage: +104 Bcf to 2.269 Tcf

The weekly EIA working gas in storage report showed a 104 Bcf net increase, bringing the gas in storage figure to 2.269 Tcf for the week.  This weekly injection is approximately on par with last year (+106 Bcf) and the five year average (+94 Bcf), although if traders were expecting, say, a +107 Bcf injection, it could be viewed as a "beat" and cause prices to jump.  You never know.

The current weekly storage level is 3.2% higher than last year and 16.3% higher than last year.  This is a slight improvement upon last week, but likely not enough to make much of a difference.

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