Thursday, February 6, 2014

EIA: Storage -262 Bcf to 1.923 Tcf

The EIA reported that working gas in storage was down 262 Bcf to 1.923 Tcf  (Last week's storage numbers were revised down by 8 Bcf).  The withdrawal was 103% greater than last year (-129 Bcf) and 74% above the five year average (-151 Bcf).  The current storage level is now 28.8% below last year (2.701 Tcf) and 22.4% below the five year average (2.479 Tcf).

The size of this week's storage withdrawal would have been a record last year, but it's only the third largest this year, surpassed by 287 Bcf (1/16/14) and 285 Bcf (12/19/13).  As it stands, the strong withdrawal season is painting quite a different picture for natural gas storage going into the last month and a half of winter:

In case you are wondering, the lowest storage has gotten in the "post-shale era" (beginning 2009 in my book) is 1.592 Tcf in late March 2011.  As of today, we are 331 Bcf from that level with +/- six more withdrawals expected.  With the current winter, it shouldn't be a stretch to go below 1.5 Tcf.

Temperatures last week averaged 27.0 degrees, which was 10.7 degrees cooler than last year and 6.6 degrees cooler than average.

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