Thursday, April 21, 2011

EIA: Storage +47 Bcf to 1.654 Tcf

The weekly EIA working gas in storage report showed a 47 Bcf net injection of gas, bringing the storage level to 1.654 Tcf.  The weekly injection was 37% lower than last year's injection (75 Bcf) but 38% higher than the five year average (34 Bcf).  The current storage level is 9.1% below last year's level but 1.4% higher than the five year average.

Temperatures last week averaged 55.6 degrees, which was 3.9 degrees warmer than normal and 0.9 degrees warmer than last year. While changes in storage are not directly correlated to weather conditions, the fact that the current injection was 37% lower than last year while the temperature was slightly higher in comparison implies some degree of improved economic performance year-over-year, which is driving increased natural gas usage.

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