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Bearish Storage Build Trips Up September Natural Gas Futures

Natural Gas Intelligence · last updated

The U.S. Energy Information Administration (EIA) on Thursday reported a 56 Bcf injection of natural gas into storage for the week ended Aug. 8, a print that was slightly above consensus estimates and average pace for the period following a cool start to the month.

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

The September Nymex contract was trading up half a penny at $2.833/MMBtu ahead of the 10:30 a.m. ET government report. Shortly after the print, the prompt month fell below $2.800. By 11 a.m. ET, the contract had bounced around 4.0 cents off post-report lows to $2.822, or 0.6 cents lower day/day.

Prior to the report, injection estimates submitted to two major surveys ranged from 31 Bcf to 59 Bcf, with medians of 53 Bcf and 54 Bcf. NGI modeled a 59 Bcf increase. The EIA report compared with a withdrawal of 2 Bcf for the comparable period a year earlier and a five-year average build of 33 Bcf for the week.

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