Thursday, August 4, 2011

EIA: Storage +44 Bcf to 2.758 Tcf

The weekly EIA working gas in storage report showed a 44 Bcf increase, bringing the U.S. gas inventories to 2.758 Tcf.  The weekly injection was 52 Bcf higher than last year (+29 Bcf) and 6% lower than the five year average (+47 Bcf).  It's been hot lately, but if memory serves, it was really hot this time last year too.  The current storage level is 186 Bcf lower than last year (2.944 Tcf) and 68 Bcf lower than the five year average (2.826 Tcf).

Temperatures last week averaged 79.4 degrees, which was 4.0 degrees warmer than normal, and 1.1 degrees warmer than last year.  The market didn't much like the storage numbers this week.  Even with warmer temperatures compared to last year, storage still built at a higher rate.

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