The U.S. Energy Information Administration (EIA) on Thursday reported an injection of 15 Bcf natural gas into storage for the week ended April 8. The result was roughly in line with expectations and bullish when compared with historic norms. Nymex natural gas futures surged in response.

eia gas storage

Ahead of the EIA report, the May futures contract was up 3.5 cents at $7.032/MMBtu. The prompt month ticked up further to $7.041 when the EIA data was released at 10:30 ET. By around 11 a.m., it had jumped up 23.5 cents to $7.232.

With production uneven amid maintenance projects as well as global supply worries tied to Russia’s invasion of Ukraine, futures have rallied this week. Underlying the bullish sentiment is the specter of the European Union – or parts of Europe – cutting off Russian...