Thursday, November 6, 2014

EIA: Gas in Storage +91 Bcf to 3.571 Tcf

Natural gas keeps roaring into storage, as evidenced by a 91 Bcf weekly injection, bringing the EIA working gas in storage to 3.571 Tcf.  The injection was 2.6 times greater than last year (+35 Bcf) and 2.2 times greater than the five year average (+42 Bcf).  The current storage level is now 6.2% below last year (3.809 Tcf, a difference of 238 Bcf) and 6.8% below the five year average (3.832 Tcf, a difference of 261 Bcf).

As the deviation between the current year and the five year average continues to narrow, the picture looks more and more like a mirror image of 2012 when gas in storage was way above average and narrowed towards the end of the year:

Unseasonably mild temperatures dominated the country last week as temperatures in the Lower 48 averaged 57.6 degrees, which was 7.6 degrees warmer than last year and 5.1 degrees warmer than average.

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