Thursday, December 17, 2015

Jack Frost, Where Did You Go? EIA: Storage -34 Bcf to 3.846

EIA reported that working gas in storage was down only 34 Bcf last week to 3.846 Tcf.  The light withdrawal is not a great surprise to weather watchers.  The upcoming green Christmas week should continue to put pressure on gas prices for weeks (months? years?) to come.  The withdrawal last week was 44% lower than last year (-61 Bcf) and 72% below the five year average (-120 Bcf).  The current storage level is now 16.4% higher than last year (3.305 Tcf, a difference of 541 Bcf) and 9.1% above the five year average (3.524 Tcf, a difference of 322 Bcf).

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