The Energy Information Administration (EIA) reported a surprising low-side 46 Bcf injection into natural gas storage inventories for the week ending Oct. 9.

EIA storage Oct 9

The EIA figure was around 10 Bcf below consensus, and Nymex futures, which surged early Thursday, climbed another couple of notches. The November contract was trading at $2.792/MMBtu in the minutes leading up to the 10:30 a.m. ET report. 

As the print crossed trading desks, the prompt month climbed to $2.808, up 17.2 cents from Wednesday’s close. By 11 a.m., however, November prices backpedaled to $2.760, up 12.4 cents day/day.

Analyst Stephen Schork of The Schork Group said the latest EIA stat implied “good demand” and likely reflected some “residue from a sharp rebound in liquefied natural gas exports following...