Thursday, May 23, 2013

EIA: Storage +89 Bcf to 2.053 Tcf

The weekly EIA natural gas in storage report showed an 89 Bcf net increase, bringing the total working gas in storage to 2.053 Tcf.  The weekly injection was 19% higher than last year (+75 Bcf) and in line with the five year average (+90 Bcf).  The current storage level is 24.9% below last year (2.733 Tcf) and 3.9% below the five year average (-3.9%).  As the red line below indicates, the current year's storage pattern has been running almost exactly in line with 2011.  Hopefully the similarities will end soon because the second half of 2011 set the stage for the disastrous 2012 storage year.

Temperatures in the Lower 48 last week averaged 62.3 degrees, which was 1.0 degree cooler than last year and 1.0 degree warmer than average.

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