Thursday, November 19, 2015

EIA: Gas in Storage +15 Bcf to 4.000 Tcf

Boom!  The EIA reported this morning that working gas in storage was up 15 Bcf to another new record high of 4.0 Tcf.  The weekly injection was 24 Bcf higher than last year (-9 Bcf) and 27 Bcf higher than the five year average (-12 Bcf).  The current storage level is now 11.2% above last year (3.596, a difference of 404 Bcf) and 5.5% higher than the five year average (3.793 Tcf, a difference of 207 Bcf).

This week's report proves, yet again, that I'm not much of a prognosticator.  I thought storage wouldn't hit 4 Tcf.  Powered by wishful thinking, I stuck to my guns last week in the face of a higher than expected injection.  In any case, save the coming of a new ice age, pressure on storage at the end of injection season looks to be the norm for years to come.  With El Nino still in place, it looks to be a long winter for natural gas.  Maybe I should make a strong negative prediction - I'm not exactly on a winning streak these days...

From EIA:

"Temperatures in the Lower 48 states averaged 52° for the storage report week, 4° warmer than the 30-year normal temperature and 3° warmer than the average temperature during the same week last year. There were 99 population-weighted heating degree days (HDD) during this report week, 9 HDD fewer than the five-year average and 18 HDD fewer than during the same period last year. There were also 8 population-weighted cooling degree days (CDD) this report week, 6 CDD more than the five-year average and 5 CDD more than this week last year."

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