The Energy Information Administration (EIA) reported a much larger-than-expected 74 Bcf injection into natural gas storage inventories for the week ending June 17.

The high-side surprise sent futures prices, already sharply lower day/day early Thursday, down several more cents as the market got the first glimpse of the impact softer liquefied natural gas (LNG) demand would have on supply.

The July Nymex futures contract was trading at around $6.640/MMBtu in the minutes leading up to the EIA report. As the print crossed trading desks, the prompt month plunged to $6.480. By 11 a.m. ET, July futures had sunk to $6.259, off a whopping 59.9 cents from Wednesday’s close.

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