Thursday, February 23, 2012

EIA: Storage -166 Bcf to 2.595 Tcf

The weekly EIA working gas in storage report showed a 166 Bcf decrease, bringing the total gas in storage to 2.595 Tcf.  The weekly withdrawal was 63% greater than last year (-102 Bcf) and 14% above the five year average (-145 Bcf).  While it's nice to see the weekly withdrawal beat prior years, the current storage level is way too far out of whack to get back into the normal range any time soon.  Even with the "win" the current level is 753 Bcf above last year (+40.9%) and 744 Bcf above the five year average (+40.2%).

Temperatures last week were 0.3 degrees cooler than last year and 0.1 degrees cooler than the 30 year average.  While not exactly a  new ice age, it represents the first time since November 2011 that the average national temperatures were below average.

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