Another large injection (+123 BCF) was reported this week, which reduced the deficit to the 5 year average to -316 BCF. Large early season injections are expected to transition mid-summer to a tighter balance, as exports ramp up. Even so, these spring injections have been larger than expected, and prices reflect that, with the summer strip falling into the $2.60's.
The last four weeks have a total 5-year average injection of 143 BCF, and this year it has totaled 332!
The daily weather anomaly, in Heating Degree Days, is certainly below average, with all but 7 days in the period warmer than normal.
Yet, the period totaled 314 HDD's this year, against a 20 year normal of about 364. That would normally translate into something like 100 BCF in reduced gas demand. Thus, unusual weather explains about half of the excess injections.
