Beefy

If you trade natural gas, yesterday was a good day to be glued to your chair. Approximately eight minutes ahead of its scheduled 2 p.m. EDT release, the American Gas Association reported that a whopping 106 Bcf was added to underground storage facilities during the week ending June 15, bringing working gas in storage levels to 49% full at 1,609 Bcf. Futures reacted instantly, tumbling 15 cents to $3.75 just 10 minutes after the report was released. The prompt July contract would never recover from the initial selling surge and finished 24.7 cents lower at $3.734.