EIA: Storage -78 Bcf to 2.888 Tcf

Another stinker storage report!  The EIA working gas in storage report showed only a 78 Bcf withdrawal, bringing the current storage level to 2.888 Tcf.  The weekly withdrawal was 62% below last year (-206 Bcf) and 59% lower than the five year average (-191 Bcf).  The current storage level is 32.8% below last year and the five year average (2.174 Tcf).

At this point, the storage level is 714 Bcf behind the five year average.  By my very rough calculations, for storage to catch up to the average level, we will have to see freezing temperatures across the country into June!

The anemic withdrawal can be traced to unseasonably warm temperatures across the country that were 9.9 degrees warmer than last year and 9.7 degrees warmer than normal.