Thursday, July 22, 2010

Storage: +51 Bcf to 2.891 Tcf

The weekly EIA storage report showed that the net injection level for the week continues to stay below the five year average injection.  The weekly injection was 51 Bcf, bringing working gas in storage to 2.891 Tcf.  This compares very favorably to last year (+70) and the five year average (+64).  Now, the current storage levels are 52 Bcf lower than last year (-1.8%) while still being 261 Bcf higher than than the five year average (+9.9).  While the current levels are still high, they are not 19% over the five year average as they were back in May.

The temperatures last week continued to be high, which likely lessened the net injection.

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