EIA’s 76 Bcf Storage Injection Stuns Natural Gas Market, Triggers Price Rally
The U.S. Energy Information Administration (EIA) reported a 76 Bcf injection into underground storage for the week ending June 23, coming in several Bcf below consensus and setting off a swift rally.
The August Nymex gas futures contract, which moved to the front of the curve on Thursday, was trading slightly in the red at around $2.662/MMBtu ahead of EIA’s 10:30 a.m. ET report. As EIA’s 76 Bcf print crossed trading desks, the prompt month jumped more than 5.0 cents. By 11 a.m. ET, however, some of those gains had been erased, with August futures trading at $2.710, up 4.2 cents day/day.
“Gotta love the inventory surprises this week,” said one market observer on Enelyst, an online energy chat.
Source: Natural Gas Intelligence
