Natural Gas Reduces Gains After Large Storage Injection - The Wall Street Journal
Natural Gas Reduces Gains After Large Storage Injection - WSJ
1042 ET – Natural gas prices reduce a bit of their earlier gains but still trade 1.4% higher at $2.648/mmBtu after a weekly EIA storage report that came in bearish compared to both forecasts and averages. The US government agency says gas inventories rose last week by 72 billion cubic feet versus an average 64-bcf injection and compared to forecasts in a WSJ survey for a 66-bcf rise. Today’s data showing an above-average rise last week follows a below-average injection the week before during the Juneteenth federal holiday, so the two may somewhat cancel each other out. Total inventories are now 2.877 trillion cubic feet, a 14.6% surplus to the five-year average. ( dan.molinski@wsj.com)
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