With the arrival of winter the EIA weekly gas storage report has the first major withdraw from the supplies.
“Working gas in storage was 3,629 Bcf as of Friday, December 16, 2011, according to EIA estimates. This represents a net decline of 100 Bcf from the previous week. Stocks were 235 Bcf higher than last year at this time and 387 Bcf above the 5-year average of 3,242 Bcf. In the East Region, stocks were 157 Bcf above the 5-year average following net withdrawals of 63 Bcf.”
Even as the storage amount begins the downward curve the amount is higher than the five year average. Shale gas production plays a part in this.
