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‘Beefy’ Natural Gas Storage Build Pushes Natural Gas Futures Downward

Natural Gas Intelligence · last updated

The U.S. Energy Information Administration (EIA) reported a 122 Bcf net addition of natural gas into storage for the week ended May 30, a bearish surprise that caused futures to slip. The print marked a sixth straight triple-digit build.

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

The print came in above last year’s build of 94 Bcf and the five-year average increase of 98 Bcf for this time of year. A Reuters survey of 14 analysts had predicted a median increase of 111 Bcf, while NGI’s model forecast a 110 Bcf build.

In the minutes leading up to the 10:30 a.m. ET report, the July Nymex contract was trading at $3.691/MMBtu, down 2.5 cents. Immediately after the print crossed trading desks, the prompt month fell to $3.641, down 7.5 cents.

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