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August Natural Gas Futures Slide Following 49 Bcf Storage Injection - Natural Gas Intelligence

Natural Gas Intelligence · last updated

August Natural Gas Futures Slide Following 49 Bcf Storage Injection - Natural Gas Intelligence

The U.S. Energy Information Administration (EIA) on Thursday reported an injection of 49 Bcf natural gas into storage for the week ended July 7. The result came close to market expectations and left Nymex natural gas futures weaker in early trading.

The August futures contract was trading in a narrow range and down 1.2 cents at $2.620/MMBtu about 20 minutes ahead of the report crossing the wire. The prompt month stood at $2.613 right after the EIA data was released at 10:30 ET. Following about 30 minutes of post-print trading, it was down 5.5 cents to $2.577.

Prior to the report, a Reuters poll found injection expectations ranging from 42 Bcf to 63 Bcf, with a median of 51 Bcf. The Wall Street Journal’s survey resulted in a narrower span of estimates and an average of 52...

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