The Energy Information Administration (EIA) reported a 25 Bcf injection into natural gas storage for the week ending April 7, marking the first build of the summer refill season.

Natural gas futures prices were lower ahead of what was expected to be a build near the five-year average of 28 Bcf. The May Nymex gas futures contract was trading at $2.028/MMBtu, off 6.5 cents in the minutes leading up to the EIA report. It bounced to $2.035 as the 25 Bcf print came in. By 11 a.m. ET, the prompt month was at $2.058, down 3.5 cents from Wednesday’s close.

Enelyst managing director Het Shah said the transition to cooling degree days from heating degree days makes for a “funky time” and accurately assessing gas flows may be difficult. “Next week’s number will be even more...