Unlike the prior two weeks, the Energy Information Administration (EIA) in underwhelming fashion reported an on-target 98 Bcf injection in natural gas storage inventories for the week ending May 28.

eia storage may 28

Despite the lack of surprises in the EIA data, Nymex futures prices strengthened on the figure, as traders appeared to breathe a sigh of relief that the injection wasn’t larger. The previous two EIA figures, including last week’s 115 Bcf build, came in much higher than estimates.

The Nymex July futures contract was trading about 2.5 cents lower at just under $3.050/MMBtu in the minutes leading up to the EIA report. Once the EIA print crossed trading desks, the prompt month jumped to $3.057. By 11 a.m. ET, it was at $3.059, off 1.6 cents from Wednesday’s close.

“I think...