Thursday, March 29, 2012

EIA: Storage +57 Bcf to 2.437 Tcf

The EIA working gas in storage report showed a 57 Bcf increase this week, bringing the total gas in storage to 2.437 Tcf.  This shouldn't come as a surprise to anyone who enjoyed late April temperatures in mid-March last week.  The weekly injection was 50 Bcf greater than last year (+7 Bcf) and 65 Bcf greater than the five year average (+65 Bcf).  The current storage level is 50.3% above last year (1.621 Tcf) and 58.6% above the five year average (1.545 Tcf).

Last year, storage got as low as 1.579 Tcf, while this year it only got down to 2.369 Tcf, a difference of 790 Bcf.  By comparison, in 2008 spring storage bottomed out at 1.248 Tcf.

Temperatures in the U.S. last week were 14.1 degrees warmer than normal and 8.9 degrees warmer than last year.  On the temperature comparison map below, the 16+ degree bands (indicating a differential of 16 to 30 degrees above normal) look like a giant crater covering the upper Midwest spreading across the Mid-South and Northeast.  Given those temperatures, I'm actually surprised the storage injection wasn't higher!

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