The Energy Information Administration (EIA) reported a larger-than-expected 44 Bcf injection into natural gas storage facilities for the week ending Aug. 5.

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The build ultimately had little bearing on prices. Futures were trading sharply higher ahead of the EIA report because of further day/day declines in production. Choppy price action was seen after the data was published.

The September Nymex futures contract was trading 14.0 cents higher day/day at around $8.340/MMBtu in the minutes before the EIA’s storage data was published. As the print hit the screen, the prompt month slid to about $8.30. By 11 a.m. ET, however, it was at $8.390, up 19.0 cents from Wednesday’s close.

By region, the South Central delivered the biggest surprise to the market with a net 9 Bcf increase...