Working natural gas storage has surpassed five-year average levels for the first time in more than a year, reports the Energy Information Administration (EIA). At 2,157 Bcf as of February 13, stocks are 58 Bcf greater than the five-year average.
The last time inventories surpassed the five-year average was in November of 2013. Inventories ended the 2013-2014 winter withdrawal season last March at a 10-year record low of 837 Bcf.
Despite several near-record withdrawals early this heating season, overall withdrawals this season have been significantly lower than the record levels seen last year, and 16% lower than the five-year average. The EIA currently anticipates that inventories will end this injection season at 1,699 Bcf, 43 Bcf more than the five-year average, due to recent production growth and moderate demand.
The EIA forecasts that total natural gas consumption in the United States will average 88.1 Bcf/day for the remainder of the heating season, down 3% from 90.9 Bcf/day during the same period in 2014. Above-average temperatures experienced in the western half of the U.S. is expected to offset the consumption in other parts of the country, dampening overall natural gas consumption.
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