The Energy Information Administration (EIA) reported an on-target 49 Bcf injection into natural gas storage inventories for the week ending Aug. 6, quickly sending futures prices to around $4.00/MMBtu.

The 49 Bcf build was on par with major survey estimates ahead of the report and came in not too far removed from historical levels. Last year, EIA recorded a 55 Bcf build for the similar week, while the five-year average is an injection of 42 Bcf.

A Bloomberg survey ahead of the EIA report produced a range of injection estimates from 38 Bcf to 58 Bcf, with a median build of 47 Bcf. A Reuters poll had a tighter range, with a median injection of 49 Bcf. NGI modeled a 53 Bcf build.

Nymex futures were already trading lower ahead of the EIA report, pressured in part by an...