The U.S. Energy Information Administration (EIA) on Thursday reported an injection of 58 Bcf natural gas into storage for the week ended Sept. 13. The result, above median expectations, initially sent futures lower.
The October Nymex gas futures contract was trading 3.0 cents lower day/day at $2.254/MMBtu ahead of the 10:30 a.m. ET government report. Shortly after the print, the prompt month briefly sank to $2.223 before bouncing up to $2.280. By 11 a.m. ET, the October contract was trading at $2.264, down 2.0 cents day/day.
Prior to the report, NGI modeled a 65 Bcf increase. Estimates submitted to Reuters ranged from injections of 28 Bcf to 67 Bcf, with a median of 55 Bcf. Bloomberg’s poll also generated a 55 Bcf median increase.
