Thursday, July 29, 2010

EIA: Storage +29 Bcf to 2.919 Tcf

The weekly EIA working gas in storage report showed a 29 Bcf increase, bringing the total gas in storage to 2.919 Tcf.  This week continues the string of net injection levels that are below last year's injection (+70 Bcf) and the five  year average (+50 Bcf).  The current storage level is now 3.1% below last year's level and 8.9% above the five year average, yet another big improvement.

Warm temperatures seemed to be the driver for lower than normal storage injections.  Temperatures in most areas were thee to five degrees warmer than usual.

Interestingly, the storage levels in both the Producing Region and the West Region went down, albeit slightly, which is nearly unheard of in the month of July.  Don't worry about a sudden crisis, as the current levels in the Producing Region are 14.6% higher than the five year average and 22.9% higher than average in the West Region.  The East Region, which is the largest of the three regions in terms of capacity, is keeping the overall storage levels tethered to earth, as it is only 1.7% higher than the five year average.

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