Thursday, March 28, 2013

EIA: Storage -95 Bcf to 1.781 Tcf

The EIA reported that working gas in storage dropped by 95 Bcf to 1.781 Tcf.  The weekly withdrawal was  way, way, way better than historical averages, given that both last year and the historical averages for this week are net injections into storage.  The current weekly withdrawal was net 140 Bcf greater than last year's 45 Bcf injection and 101 Bcf higher than the five year average's 6 Bcf injection.  

The current storage level is now 26.5% below last year (2.423 Tcf) and only 3.5% above the five year average (1.72 Tcf). What a difference a few cold fronts will make!  The current storage level is now only 61 Bcf higher than the five year average.  Will that gap be narrowed or wiped out in next week's report after this week's chilly weather across the country?

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