Thursday, October 14, 2010

EIA: Storage +91 Bcf (!!!) to 3.59 Tcf

Ouch!  The EIA reported that the weekly working gas in storage figure jumped 91 Bcf last week to 3.59 Tcf.   After a warm summer of subdued injection levels, gas storage levels have taken off.  The current week injection is about 50% greater than this week last year (+60 Bcf) and the five year average (+64 Bcf).  The current storage level stands 118 Bcf lower than last year's level and 247 Bcf higher than the five year average.

With a mild winter predicted, buckle your seat belts for a bumpy ride.  Because of the recent higher net injections, the EIA has revised its outlook for the end of October upward to 3.726 Tcf, just 81 Bcf below last year's record level.  My big hope is that the injection season ends with October, unlike last year when it dragged into November.

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