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Slide 4 of 27

Heating Fuel Stock Cycles

This chart shows beginning winter stocks for natural gas, distillate. and propane as a percentage of the mid-point of EIA’s average stock range (based on the last 3 years of inventory data) for September 30.

The heating fuels have moved from a cycle of low stocks in 1996 to one of high stocks. Although we have seen stocks drift up and down somewhat historically, the shift that we’ve seen between 1996 and today is one of the larger swings that have occurred historically.