Thursday, February 2, 2012

EIA: The Storage Bloodbath Continues

The EIA reported that the weekly working gas in storage inventory dropped 132 Bcf to 2.966 Tcf.  The weekly withdrawal was 29% lower than last year (-187 Bcf) and the five year average (-186 Bcf).  The current storage level is now 24.6% above last year (2.38 Tcf) and 25.4% above the five year average (2.365 Tcf).

So far this season, the storage drawdown has only been 886 Bcf.  This time last year, 1.487 Tcf had been withdrawn, a difference of 601 Bcf.  Don't look for that difference to be recaptured before spring comes.

On the plus side, the groundhog Punxsutawney Phil saw his shadow this morning, thus predicting six more weeks of winter.  Maybe he can go back down into his hole and dig out some cold weather to make it actually feel like winter.

Last week's temperatures were very unwinterly, averaging 9.1 degrees warmer than last year and 5.3 degrees warmer than the five year average.

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