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May Natural Gas Futures Push Higher After Paltry Storage Injection

Natural Gas Intelligence · last updated

The U.S. Energy Information Administration (EIA) on Thursday reported an injection of 16 Bcf natural gas into storage for the week ended April 11. The result was lower than historical norms and expectations, providing a bullish boost for Nymex natural gas futures in mid-morning trading.

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

The print compared with a 46 Bcf build a year earlier and the five-year average increase of 50 Bcf. Prior to the EIA report, injection estimates submitted to Reuters coalesced in the 20s Bcf. NGI modeled a 26 Bcf increase.

Ahead of the 10:30 a.m. ET print, the May futures contract was trading in a narrow range on either side of Wednesday’s $3.247/MMBtu settlement. The prompt month was up to around $3.290 when the EIA data was released. By 11 a.m., it was up 4.0 cents to $3.287.

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