The missing heat is located inside all of that cold.
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The sea surface temperature anomalies of the Pacific Ocean–the whole flippin thing–haven’t warmed in 19 years:
http://bobtisdale.wordpress.com/2012/12/06/model-data-comparison-pacific-ocean-satellite-era-sea-surface-temperature-anomalies/
it’s a travesity…
The missing heat got so cold that it sunk back into the Earth’s core to warm itself up.
I’m sure it will come back out when it feels better.
http://www.bom.gov.au/climate/enso/surface_anim.gif
Recent Pacific SST animated by BOM Australia.
The Coral Sea has cooled down a bit. ENSO still in nuetral though look at that little hot spot coming up alongside Chile with the Humbolt current. Bit too late this southern summer to cause any problems, at least in Australia.