The Energy Information Administration (EIA) launched a “bear bomb” on the natural gas market Thursday, reporting a much larger-than-expected 76 Bcf injection into storage for the week ending June 25.

EIA storage june 25

The EIA figure was slightly outside the range of expectations in major surveys and 3 Bcf above last year’s build for the similar period. The five-year average stood at 65 Bcf.

Natural gas futures prices, sharply higher early Thursday, began to soften ahead of the latest government storage report. After surging above $3.760 early in the session, the August Nymex futures contract was trading around $3.640 in the minutes leading up to the EIA report. As the print crossed trading desks, the prompt month sank to $3.629 and then briefly slipped below $3.600. At 11 a.m. ET, August...