Natural gas futures overcame an early slide after the U.S. Energy Information Administration (EIA) reported a modest 13 Bcf injection into storage inventories for the week ending July 30.

storage

After hitting a $4.116/MMBtu low, the September Nymex gas futures contract bounced back to $4.199 as the storage figure crossed trading desks. However, traders failed to maintain the momentum and by 11 a.m. ET the prompt month had slipped to $4.161, up only three-tenths of a cent.

Despite the price pullback, the EIA’s 13 Bcf injection continues to reflect an “uncomfortably tight supply/demand balance,” according to Bespoke Weather Services. This keeps the market on pace for end-of-season inventories below 3,400 Bcf.

“Next week’s number will be higher, given cooler weather this...