by pup55 » Thu 06 Oct 2005, 12:08:44
Since things have settled down a little bit we can make some estimates:
$this->bbcode_second_pass_code('', ' 04 cons 04 prod shut in mo prod inv draw cum draw
oct 1,558,202 1,562,761 206850 1,355,911 202,291 --
nov 1,784,133 1,530,991 206850 1,324,141 459,992 662,283
dec 2,325,994 1,598,965 206850 1,392,115 933,879 1,596,162
jan 2,606,190 1,613,346 206850 1,406,496 1,199,694 2,795,856
feb 2,258,627 1,464,445 206850 1,257,595 1,001,032 3,796,888
mar 2,216,260 1,610,021 206850 1,403,171 813,089 4,609,977')
The current US inventory is 2,929,000 mcf
The above table gives 2004-2005 (last year's ) consumption and production figures. A review of the data says this is pretty typical.
Current shut-in natural gas in the GOM is 6,895 mcf per day, The situation has been improving by about 1% per day. That's 208,000 mcf per month.
If (and it's a big if) consumption and production are at the same rate as last year, and the GOM shortfall does not change, the inventory of NG will be down to zero at some time in January.
If someone would wave a magic wand, and fix all of the GOM production tomorrow, the inventory will be down to zero by the end of February.
Luckily, as we posted elsewhere, a lot of the big industrial consumers along the gulf coast are down due to the hurricane, so it might be that consumption will be lower than last year.
So, we are faced with the prospect of NG shortages at or about the time of the Super Bowl even if there is a magic repair job.
On the bright side, if there is a bright side, about 1/3 of the consumption is for industrial use. The remaining 2/3 are for residential and consumer use. So, pretty easy to shut some of the bigger industrial users, and let the chips fall where they may, except that this will also put people out of work, right about the time of the Super Bowl, so as to let people not freeze.