Thursday, July 17, 2014

EIA: Gas in Storage +107 Bcf to 2.129

Another week, another big storage increase.  The EIA reported this morning that working gas in storage was up 107 Bcf to 2.129 Tcf.  The weekly injection was 73% greater than last year (+62 Bcf) and 65% above the five year average (+65 Bcf).

The current storage level is now 22.2% below last year (2.737 Tcf, a difference of 608 Bcf) and 25.5% below the five year average (2.856 Tcf, a difference of 727 Tcf).  As shown below, the 2014 deviation from the five year average is becoming a mirror image of 2012 when storage levels blossomed before returning to more normal levels later in the year.  While the current storage level is still nearly 3/4 of a Tcf below the five year average, higher than normal storage injections for the past three months have steadily chipped away at that deviation.

Temperatures in the Lower 48 last week averaged 74.7 degrees, 3.0 degrees cooler than last year and in line with historic averages.

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