Surprising most of the industry, which was expecting at least one more withdrawal, the Energy Information Administration (EIA) reported Thursday morning that 10 Bcf was injected into underground natural gas storage for the week ended April 1. After an eventful day that saw two distinct plunges lower, May natural gas futures settled at $7.366, down 19.2 cents from Wednesday.
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Futures Settle Lower as Storage Number Comes in on Target
Following the Energy Information Administration’s estimate that 67 Bcf was injected into underground natural gas storage during the week ended Oct. 8, November natural gas futures shot up 13 cents to notch a daily high of $6.96 as of 10:42 a.m. (EDT). However, that level did not hold.
Uncertainty Abounds As Traders Take 100 Bcf Refill in Stride
After first rallying on the news that a whopping 100 Bcf had been injected into underground storage facilities last week, the natural gas futures market suffered a slow grind lower Thursday as traders lightened their longs ahead of Friday’s expiration. At $4.542, the October contract finished 4.6 cents lower in its penultimate trading session. It goes off the board Friday at 2:30 p.m. EDT.
Futures Rebound as Storage Data Lacks Bearish Punch
After checking lower in the moments following the news that 93 Bcf was injected into storage last week, the natural gas futures rebounded Wednesday as scale-down and technical buying propelled the market back above the $5.00 mark. At $5.05, the August contract closed 11.6 cents higher for the session, and just a few ticks below its $5.075 high on the day.