At A Glance:

  • Production at 96.5 Bcf/d
  • Uneven weather outlook
  • Storage situation improves

NGI’s Spot Gas National Avg. advanced 10.5 cents to $3.525, led higher by strong demand in the West.

EIA storage july 2

Prior to Thursday, the prompt month had declined each of the two previous sessions along with a retreat in global commodities. The August contract held in negative territory early Thursday as well, but it soared after the U.S. Energy Information Administration (EIA) reported a 16 Bcf injection into storage for the week ended July 2.

The EIA print came in below the low end of estimates reported in major polls. A Bloomberg survey produced a range of predictions from 19 Bcf to 47 Bcf, with a median of 27 Bcf. Results of a Reuters survey spanned 22 Bcf to 64 Bcf, with a median build of 29...