Thursday, March 31, 2011

EIA: Storage +12 Bcf to 1.624 Tcf

Uh oh, storage is going back up...  The weekly EIA report of working gas in storage showed a 12 Bcf increase to 1.624 Tcf.  This week's net injection level is the same as last year (that's not saying much) but 34 Bcf higher than the five year average (a 22 Bcf withdrawal).  The current storage level is 0.7% lower than last year's and 4.4% higher than the five year average.

Warm weather across the country last week led to the weak storage number.  Temperatures in the Lower 48 averaged 49.1 degrees, approximately equal to last year and three degrees warmer than average. Generally the west was cooler than usual, but the East South Central and West South Central Regions were about 9 and 10 degrees above normal.

Given the powerful cold front that crossed the country this week and the Nor'easter dropping snow in New England today, we might just see one more week of withdrawal next week, but after that I think the storage levels will start floating upward.

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