The U.S. Energy Information Administration (EIA) on Thursday reported an injection of 10 Bcf of natural gas into storage for the week ended Nov. 24. The result landed above expectations and sent Nymex natural gas futures lower.

Ahead of the 10:30 a.m. ET report, December Nymex futures were trading up a penny at $2.814/MMBtu. After the EIA print hit the screen, the contract sank to $2.761. By 11 a.m. ET, the November Nymex contract was trading at $2.794, a penny below the prior day’s close.

Before the storage report was issued, NGI modeled a withdrawal of 9 Bcf. The five-year average was a withdrawal of 44 Bcf. A year earlier, the agency reported an 80 Bcf draw. 

Estimates submitted to Reuters ranged from a withdrawal of 31 Bcf to an injection of 7 Bcf, with a median draw of...