Thursday, January 26, 2012

EIA: Storage -192 Bcf to 3.098 Tcf

The weekly storage level finally took a big dip this week, after a month of badly lagging historical averages.  Last week saw a net withdrawal of 192 Bcf, bringing the level to 3.098 Tcf.  The withdrawal was 4% greater than last year (184 Bcf) and 11% better than the five year average (-173 Bcf).  Given the narrow "win," the storage levels still have a long, long way to go to catch up, something that looks impossible this year.  The current storage level is 20.7% above last year (2.751 Tcf) and 21.4% above the five year average (2.551 Tcf).

Temperatures last week were slightly above average, 1.1 degrees above the 30 year average and 1.0 degrees warmer than last year, so it's a good thing that the weekly withdrawal slightly beat prior averages.

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