The Energy Information Administration (EIA) said natural gas inventories rose by 129 Bcf for the week ending Sept. 30, once again surpassing consensus estimates ahead of the report.

Nymex natural gas futures were trading about 4.0 cents higher at around $6.970 in the minutes leading up to the EIA report, then slipped modestly as the storage print hit the screen. However, the dip was brief and prices quickly started trending upward again. By 11 a.m. ET, the November Nymex contract was trading at $7.085/MMBtu, up 15.5 cents from Wednesday’s close.

Perplexed by the rally, one Enelyst participant said, “these numbers are not bullish.”

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