The U.S. Energy Information Administration (EIA) on Thursday reported an injection of 26 Bcf natural gas into storage for the week ended March 25. It marked the first inventory increase of the year, led by a hefty build in the South Central region.

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The season’s initial injection arrived early by historical standards but was essentially in line with market expectations for an increase in the 20s Bcf, clearing a path for Nymex natural gas futures to extend a rally started the prior day.

For the year-earlier period, EIA recorded a 7 Bcf build but the five-year average was a withdrawal of 23 Bcf. 

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Ahead of the EIA report, the May futures contract...