Thursday, February 20, 2014

EIA: Storage -250 Bcf to 1.443 Tcf

Another cold week, another whopper withdrawal.  The EIA reported that working gas in storage was down 250 Bcf to 1.443 Tcf last week.  The withdrawal was 91% greater than last year (-131 Bcf) and 88% above the five year average (-133 Bcf).  Note that the previous week's total was revised slightly upward in this week's report.  The current storage level is 40.3% below last year (2.418 Tcf) and 33.9% below the five year average (2.184 Tcf).  Versus last year, the storage level is 975 Bcf lower!

With each huge withdrawal, the deviation from the five year average gets wider.  Better (for gas fans) that it is below the zero line (red line) rather than above it (light blue line):

Temperatures in the Lower 48 last week averaged 27.3 degrees, which was 10.9 degrees cooler than last year and 8.4 degrees cooler than average.

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