The U.S. Energy Information Administration (EIA) reported an injection of 99 Bcf natural gas into storage for the week ended May 12. The result came in well below median estimates and bolstered Nymex natural gas futures.

The June Nymex futures contract was up 1.7 cents at $2.382/MMBtu prior to the 10:30 a.m. ET inventory report. The prompt month jumped to $2.465 – up 10.0 cents – when the EIA data was released. By around 11 a.m., it was ahead 14.6 cents to $ 2.511.

Prior to the EIA report, injection estimates submitted to Reuters ranged from 98 Bcf to 116 Bcf, with a median of 108 Bcf. Bloomberg’s poll found the same range and landed at a median of 109 Bcf. The Wall Street Journal’s survey produced a narrower span of estimates and an average of 108 Bcf. NGI modeled a 110...