Thursday, July 1, 2010

Gas in Storage: +60 Bcf to 2.684 Tcf

The EIA working gas in storage report showed that natural gas storage levels only increased +60 Bcf to 2.684 Tcf.  The weekly increase compared favorably to last year's injection (+73 Bcf) and the five year average (+82 Bcf).  The current storage levels are now 1.0% below last year's figure and 12.0% above the five year average.  Both of those differentials have been dropping over the past month.


Bill Mendenhall said...

Robert, is this the first time in 2009 or 2010 where we have had an actual year over year decrease in the amount of gas in storage?

Robert Hutchinson said...

Bill, it's actually been going on for about a month. Of course, since last year was a record storage year, the comparison is not as exciting as gaining traction against the five year average (which has been going on for a few weeks too, albeit gradually). But I will feel better when the red line draws away from the top of the shaded range.