The Energy Information Administration (EIA) reported a 49 Bcf injection into natural gas storage inventories for the week ending Oct. 16, confirming an increasingly tight supply/demand natural gas balance.

EIA storage Oct 18

Still, Nymex futures prices barely flinched after the EIA data came in slightly lower than consensus. Ahead of the report, NGI’s model projected 52 Bcf build, while other analyst estimates ranged from 42 Bcf to 56 Bcf. The EIA recorded a 92 Bcf injection for the same week last year, while the five-year average stands at 75 Bcf.

The November contract traded relatively flat to Wednesday’s close at $3.021/MMBtu in the minutes leading up to the EIA’s 10:30 a.m. ET report. When the print hit the screens, the prompt month bounced to $3.015 but by 11 a.m. was back at...