Advancements in satellite technology yield environmental data with ever improving spatial coverage and temporal resolution. This necessitates the development of techniques to discern actionable information from large amounts of such data. We explore the potential of dynamic mode decomposition (DMD) to discover the dynamics of spatially correlated structures present in global-scale data, specifically in observations of total water storage anomalies provided by GRACE satellite missions. Our results demonstrate that DMD enables data compression and extrapolation from a reduced set of dominant spatiotemporal structures. The accuracy of its predictions of global system dynamics is preserved in its reconstruction of local time series. These findings suggest potential uses of DMD in analysis of remote-sensing data for hydrologic applications.