Thursday, October 7, 2010

EIA: Storage +85 Bcf to 3.499 Tcf

The weekly EIA storage report showed another sizable weekly increase in storage, jumping 85 Bcf to 3.499 Tcf.  This net injection is 17 Bcf higher than last year's this week (+68 Bcf) and 18 Bcf higher than the five year average (67 Bcf).  The current storage level is 4.1% lower, or 149 Bcf, than last year's figure, which isn't saying much since it was far and away a record.  It is 6.7% higher, or 220 Bcf, than the five year average.

Last year, the soap opera followed the storyline of whether or not we would run out of storage capacity.  That won't happen again this year, but the rather sizable injections over the past several weeks have demonstrated that it was unseasonably warm weather that helped hold down storage injections this summer rather than fundamental growth in gas consumption.  While I am enjoying the temperate autumn weather, I eagerly await the beginning of the heating season and the top of the curve in the graphic above.

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