Working natural gas in storage rose to 3,112 Bcf as of Friday, September 9, according to EIA’s WNGSR (see Storage Figure). Following a net injection of 87 Bcf from the previous week, stocks are now 140 Bcf below last year and 52 Bcf less than the 5-year average. The injection was less than last year’s build of 96 Bcf but larger than the 5-year average injection of 79 Bcf.
The East Region registered its fifth consecutive week of above average builds. The region’s deficit to the 5-year average continues to shrink after a build that was 7 Bcf above average. The East Region remains a significant 89 Bcf below the 5-year average. The Producing Region is now 37 Bcf above the 5-year average while the West Region is equal to the 5-year average after a slightly smaller than normal build.
Temperatures during the week ending Thursday, September 8, cooled off considerably, averaging 71.1 degrees, 3.7 degrees cooler than last week(see Temperature Maps and Data). Temperatures were typical of this time of year, averaging 0.9 degrees warmer than normal and 0.1 degrees warmer than last year. Regionally, temperatures were higher than normal in the West and Northeast, offset by some cooler than normal regions in the South and Midwest. Cooling degree-days were about 17 percent above average for the country as a whole.
Other Market Trends
BOEMRE Reorganization to be Completed in October. The Bureau of Ocean Energy Management, Regulation, and Enforcement (BOEMRE) will divide into two entities in October, according to notices released by the agency. This will complete a plan announced in May 2010 to divide the former Minerals Management Service (MMS) into three agencies (the first phase of the plan was completed a year ago with transfer of revenue collection functions). The revenue collection agency, the Bureau of Ocean Energy Management (BOEM), will be responsible for managing development of offshore resources, while the new Bureau of Safety and Environmental Enforcement (BSEE) will enforce safety and environmental regulations. The division of the agencies separates resource management from safety oversight and strengthens the role of environmental review in the agency. In May 2010, the MMS was reorganized and split into three entities: one that would handle revenue collection and royalty issues; a second to ensure responsible development of offshore resources; and a third to enforce safety and environmental regulations.