Thursday, March 22, 2012

EIA: Storage: +11 Bcf to 2.38 Tcf

Adding insult to injury, the weekly working gas in storage figure was UP 11 Bcf to 2.38 Tcf.  The net change was 31 Bcf higher than last year (a withdrawal of 20 Bcf) and 28 Bcf higher than the five year average (a withdrawal of 17 Bcf). The current storage level is 47.5% above last year (1.634 Tcf) and 54% above the five year average (1.562 Tcf).

When I was a kid, my mother used to sweetly sing this one line tune, "you're going the wrong waaaaay" to my sister and me when we were doing the wrong thing. It's all I can hear in my head as I look at the storage report. The difference versus history in terms of raw numbers in the weekly change isn't terrible, but psychologically, it's hard to see the red line on the chart below start to tick upwards. For the past four years, the storage injection season ended somewhere between the second week of March and the first week of April, so this is neither unusual nor unexpected, but it still stings.

Temperatures last week were 8.9 degrees warmer than normal and 6.6 degrees warmer than last year.

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