Storage Levels Surpass Record
Injection slightly above expectations – The EIA reported a natural gas injection of 19 bcf, slightly below expectations (as per Bloomberg) of 24 bcf. For the comparable week, injections last year were 25 bcf with the five-year average injections at 30 bcf. Total storage now sits at 3,840 bcf, 0.8% above last year’s level of 3,809 bcf, and 9.8% above the five-year average of 3,498 bcf.
Storage levels surpass record levels set in 2009 – The 19 bcf injection this week puts us above the record storage levels set in late November 2009. Looking ahead, the start of the winter drawdown season is upon us and below average temperatures are forecasted for most of the United States over the next week.