Natural Gas Futures Rally Stalls After Triple-Digit Storage Print - Natural Gas Intelligence

Natural Gas Futures Rally Stalls After Triple-Digit Storage Print - Natural Gas Intelligence

Utilities injected a net 104 Bcf natural gas into storage for the week ended June 2, the U.S. Energy Information Administration (EIA) reported Thursday. The result fell shy of consensus expectations, though the weekly data came with a wrinkle that kept Nymex natural gas futures in check.

Of note, EIA said reclassifications from working gas to base gas resulted in decreased working stocks of 14 Bcf in the nonsalt South Central region for the week. Accounting for that change, the overall implied flow for the week was an increase of 118 Bcf to working gas stocks. That figure was above median expectations found in surveys.

Ahead of the 10:30 a.m. ET report from EIA, the July futures contract was in a holding pattern, down a half-cent at $2.324/MMBtu. The prompt month held at that...