Thursday, March 17, 2011

EIA: Storage -56 Bcf to 1.618 Tcf

The weekly EIA working gas in storage report showed a 56 Bcf net withdrawal, bringing the current storage level down to 1.618 Tcf.  The weekly withdrawal was in line with the five year average (-58 Bcf) and double last year's (-25 Bcf).  The current storage level is only one Bcf higher than last year's and 23 Bcf higher than the five year average.

The withdrawal was driven by the East Region, which saw a 51 Bcf withdrawal, while the Producing and West regions were pretty much breakeven.  Interestingly, the current storage level in the Producing region is 18% higher than the five year average while the East and West regions are 8% and 9%, respectively, below their five year averages.

Temperatures last week averaged 43.0 degrees in the Lower 48, on par with last year's average, but the regional variations were significant, as the Midwest and Northeast were colder than last year while the South and West were generally warmer.

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