The U.S. Energy Information Administration (EIA) on Thursday reported an injection of 77 Bcf natural gas into storage for the week ended April 29. The print proved bearish relative to market expectations and kept Nymex natural gas futures in the red for the first time this week.

EIA storage

Ahead of the EIA report, the June contract was down 13.5 cents at $8.280/MMBtu. The prompt month dropped further to around $8.136 when the EIA data was released at 10:30 ET.

By around 11 a.m. ET, however, the June contract had recovered some ground and was down 6.5 cents from Wednesday’s close to $8.350. Futures had rallied feverishly over the three previous days amid intensifying global supply concerns, in part because of the war in Ukraine.

[Now Available: No-Code NGI Data Sync to Your Excel...