The U.S. Energy Information Administration (EIA) reported a highball 33 Bcf injection into storage inventories for the week ending July 31, prompting a retreat in the gains that natural gas futures mounted early Thursday.

The EIA figure was far below last year’s 58 Bcf but on target with the five-year average. The 33 Bcf also was at the top of analysts’ expectations of build between 28 Bcf and 33 Bcf.

Ahead of the storage report, the average results of a Bloomberg survey pointed to inventories growing by 30 Bcf, as did a Reuters survey. NGI also projected a 30 Bcf build, while a Wall Street Journal poll averaged slightly higher at 31 Bcf.

Price action following the EIA report was swift. In the minutes leading up to the report, the September Nymex was trading at $2.245, up...