Thursday, January 30, 2014

EIA: Gas in Storage -230 Bcf to 2.193 Tcf

The EIA reported today that working gas in storage was down 230 Bcf to 2.193 Tcf.  The weekly withdrawal was 20% larger than the same week last year (-191 Bcf) and 42% greater than the five year average (-162 Bcf).  The current storage level is now 22.5% below last year's level (2.83 Tcf) and 16.6% below the five year average (2.63 Tcf).

Temperatures last week averaged 31.4 degrees, which was 2.7 degrees cooler than last year and 1.7 degrees cooler than average.  Given the cold gripping the country east of the Mississippi, I would have expected a larger discrepancy versus average, but the warmer than usual temperatures on the west coast skewed the averages.  The EIA reported that the citygate price in Chicago, which is usually close to the Henry Hub spot, spiked to $41.96/MMBtu, more than double the previous record.  We've already noted that the citygate hit $135 in New York.

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