Friday, December 13, 2013

Weekly EIA Natural Gas Supply/Demand Report

Soooooo, what would you say to a quarter-billion BCF storage draw in next week's report?
It was probably closer to 200 but we are hearing the larger number.
Back to the issue at hand, from the EIA:
...Gas consumption rises significantly on cold weather. Total natural gas consumption for the report week rose 33.4% relative to last week. Residential/commercial sector and electric sector consumption increased by 46.1% and 40.5%, respectively, for home and building heating. The largest percentage increases in electric-sector consumption of natural gas came from the Midwest and the Midcontinent, up 183% and 155%, respectively. Texas, the second-largest electric-sector gas consuming region, increased by 73% and saw the largest volumetric increase, and the Southeast, which is most reliant on electricity for home-heating, consumed 20% more natural gas to generate electricity.

Total supply declines slightly over the week. Total natural gas supply fell by 0.8% for the report period on lower levels of production. U.S. dry gas production decreased 3.3% this week following well freeze-offs. Wide-spread freeze-offs occurred in the Piceance Basin in Utah and Wyoming, the Uinta Basin in Utah, the San Joaquin Basin in California, and the Williston Basin in North Dakota. This was partly offset by imports from Canada, which were up 30.5% for the report period. The Midwest and Northeast both imported about 1 Bcf/day more natural gas from Canada yesterday compared with last Wednesday. LNG imports, which are a minor part of supply, were also up.

U.S. Consumption - Gas Week: (12/4/13 - 12/11/13)

Percent change for week compared with:
last year
last week
U.S. Consumption
Total Demand
See also the temperature tables, brrrr.