Thursday, March 14, 2013

EIA: Storage -145 Bcf to 1.938 Tcf

The EIA reported that the level of working gas in storage dropped 145 Bcf to 1.938 Tcf.  The weekly withdrawal was 120% larger than last year (-66 Bcf) and 96% larger than the five year average (-74 Bcf).  The current storage level is now 18.5% below last year (2.378 Tcf) but 11.4% above the five year average (1.74 Tcf).

This is a good result for natural gas, but before getting too excited it is worth remembering that the 2011 storage level (I try not to look at 2012!) was approximately this same level on February 14.  Since the end of March is generally the end of the winter withdrawal season, we are running out of room to catch up to normal levels.  At least the big weekly withdrawal narrowed the gap between the current level and the five year average by 3.4 percentage points:

Temperatures last week averaged 38.0 degrees,which was 6.4 degrees cooler than last year and 3.3 degrees cooler than the five year average.

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