Thursday, July 8, 2010

Storage: +78 Bcf to 2.762 Tcf

The weekly EIA working gas in storage report showed a 78 Bcf net injection, bringing the gas in storage number to 2.762 Tcf.  The net injection is in line with last year's figure (+74 Bcf) and the five year average (+80 Bcf).  The current level is now 23 Bcf, or 0.8%, lower than last year's figure and 285 Bcf, or 11.5%, higher than the five year average.

I'll be interested to watch next week's release to see how the extremely hot temperatures in the Northeast impact the storage injection.  I have been watching reports of electricity conservation measures and brownouts as temperatures approach and eclipse 100 degrees in major metropolitan areas like New York City and Philadelphia.

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