The U.S. Energy Information Administration (EIA) on Thursday reported an injection of 16 Bcf into natural gas storage for the week ended June 11. Natural gas futures dived lower after the report.

EIA storage june 11

The result was skewed by a one-time adjustment in the Pacific that resulted in a steep decrease in working gas stocks in that region. EIA announced an implied build of 67 Bcf for the week, a few below median estimates. However, the large reclassification in the West made the actual storage change only 16 Bcf. 

Pacific Gas and Electric Co. (PG&E) said it reclassified 51 Bcf from working gas to cushion gas, effectively removing that amount from the available inventory. PG&E initially reported that the change would take effect with next week’s storage report, but EIA pushed up the...