STP Update – Feb 1

Good Afternoon,

The NWRFC updated its 120 day forecast today at 2:43 pm pst and delivered no great surprises.  The front was raised (yawn) and the back was lowered (yawn again, if you read this morning’s blog).  That said, it is still worth a gander, starting with the dailies:

000_STPday

Most interesting here is the extension of the upward sloping line in May suggesting the govt’s first look for June is going to be quite bearish.  The monthly plot best demonstrates the uneventfulness of this forecast:

000_STPmon

The cuts in April stand out as does the lack of March volatility but, as for the latter, just give it time and we are confident the forecast will eventually approach the 5 year average.  Water Year 2016 is shaping up to be a big year, for water that is, as the year on year plot shows:

000_STPyoy

Especially in May where their current forecast is in excess of all years but 2013 – which suggests our friends in Portland may have been guilty of a mild case of irrational exuberance.  Given today’s snow pack and precip outlook I am leaning towards downward restatements of those May levels.