The U.S. Energy Information Administration (EIA) reported a 75 Bcf injection into natural gas storage inventories for the week ending Oct. 2, a figure that was exactly on target with NGI’s projection.

EIA storage oct 2

Though on the higher end of the wide ranging estimates, price reaction was rather muted immediately after the data was released. In the minutes leading up to the report, the November Nymex gas futures contract was trading 2.4 cents lower day/day at $2.584. As the print crossed trading desks, the prompt month barely flickered, moving marginally lower to $2.581. Over the next half hour, November shot up to $2.637. By 11 a.m. ET, it was back at $2.603, off only three-tenths of a cent from Wednesday’s close.

On Wednesday, a Bloomberg survey produced a range of estimates from 67 Bcf...