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Battered Natural Gas Futures Shrug Off Bullish Storage Surprise

Natural Gas Intelligence · last updated

The U.S. Energy Information Administration (EIA) on Thursday reported a 23 Bcf net injection of natural gas into storage for the week ended July 23, undershooting consensus estimates by 10 Bcf.

Natural Gas Intelligence's (NGI) U.S. Energy Information Administration natural gas storage chart.

The bullish surprise indicates the supply/demand balance was tighter than the market thought last week, though August futures barely budged on the result.

In the minutes leading up to the 10:30 a.m. ET report, the August Nymex gas contract was trading at $3.125/MMBtu, up 4.8 cents day/day.

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