Thursday, May 10, 2012

EIA: Storage +30 Bcf to 2.606 Tcf

Another good week in the storage department, which is quite a reversal from a dismal winter (although there was probably a lot of pain to get to this point). The EIA working gas in storage report showed a 30 Bcf weekly increase, bringing the total gas in storage to 2.606 Tcf. The weekly injection was 58% below last year (+71 Bcf) and 64% below the five year average (+84 Bcf). The current storage level is still out of whack, 44.2% above last year (1.807 Tcf) and 44.5% above the five year average (1.803 Tcf), but the spread is narrowing. Any movement in the right direction is a win in my book.

Temperatures last week averaged 60.3 degrees, 3.3 degrees warmer than last year and 2.6 degrees warmer than the 30 year average.

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