Thursday, August 21, 2014

EIA: Gas in Storage +88 Bcf to 2.555 Tcf

The EIA reported that working gas in storage was up 88 Bcf last week to 2.555 Tcf.  The weekly injection was 52% above last year (+58 Bcf) and 83% greater than the five year average (+48 Bcf).  The current storage level is now 16.4% below last year (3.055 Tcf, a difference of 500 Bcf) and 17.3% below the five year average (3.090 Tcf, a difference of 535 Bcf).

As the chart below shows, the 2014 storage deviation from the five year average (red line) continues to be a mirror image of the same data from 2012 (light blue line) when a warm winter badly shocked the storage numbers and crushed natural gas prices.

Temperatures in the Lower 48 last week averaged a pleasant 73.4 degrees, which was 0.4 degrees cooler than last year and 1.1 degrees cooler than average.

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