Wednesday, August 31, 2011

Peak Gas Storage Capacity Increases 54 Bcf in 2011

The EIA reported today that the peak underground working gas in storage capacity increased from 4.049 Tcf in April 2010 to 4.103 Tcf in April 2011, an increase of 54 Bcf.  This statistic measures the highest observed storage capacity of the various storage facilities across the countries.  It measures peaks that don't necessarily coincide with one another.  Working gas design capacity, which is more of a theoretical estimate of storage capacity, increased by 35 Bcf, from 4.353 Tcf to 4.388 Tcf, over the same period.  While the second figure is nice, put more stock in the first one that measures observed peaks.

To give some reference, the current storage level (before tomorrow's announcement) is 2.906 Tcf, which is around 2% below the five year average for this week.  But we are entering the fall season, in which inventories build before the heating season kicks in.  Last year, gas in storage peaked at a record high 3.84 Tcf the first week of November.

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