The Energy Information Administration (EIA) reported a 29 Bcf injection for the week ending Aug. 20, surprising far to the downside and catapulting natural gas futures above $4.00/MMBtu.

EIA storage Aug 26

The September Nymex contract was already sharply higher ahead of the latest EIA report, up 10.0 cents day/day amid current widespread heat and a rebound in export demand. As the inventory stat crossed trading desks, the prompt month jumped another 7.0 cents to $4.065 and by 11 a.m. ET was trading at $4.073.

Noting the rapidly approaching end of the traditional injection season, Huntsville Utilities natural gas manager Donnie Sharp said, “This winter could be rough on end-users.”

Ahead of the EIA report, analysts expected a net weekly injection into U.S. stocks in the upper 30s to low...