The Energy Information Administration (EIA) reported a 98 Bcf injection into natural gas inventories for the week ending June 4, falling within a fairly tight range of expectations.

EIA storage june 4

Although the figure failed to reach triple-digit status, futures prices retreated from earlier highs. The July Nymex futures contract was trading at around $3.190/MMBtu ahead of the EIA report, but then slipped to around $3.170 as the print crossed trading desks. By 11 a.m. ET, the prompt month was at $3.157, up 2.8 cents from Wednesday’s close.

“This doesn’t do much to alter our view, which remains that the market has outrun the fundamentals, at least for now,” said Bespoke Weather Services.

The market, according to Bespoke, “still is at risk for some pullback, which could be underway...