Thursday, May 13, 2010

Storage: +94 Bcf to 2.089 Tcf

The EIA weekly storage report showed a 94 Bcf increase (+4.7%) to 2.089 Tcf.  The 94 Bcf increase was exactly the same as last year's weekly increase (not saying that much given what happened last year) and 10 Bcf higher than the five year average.

With this week's change, the current storage levels are 4.7% higher than last year's and 18.4% higher than the five year average.

Unfortunately, the 94 Bcf net injection tied last year's mark as the record high injection for the first week of May.  Also, this is the earliest inventories have reached the 2 Tcf level since the EIA began keeping natural gas storage records.  Dubious records indeed.

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