Many market experts were stunned last week by the American Gas Association’s (AGA) report of a 3 Bcf net injection into the nation’s storage facilities during the week ending Aug. 10. An injection that small in August is unprecedented and had an immediate impact on prices, pushing near-month futures up 37 cents on Wednesday with a similar increase in cash Thursday morning. However, many marketers said they were attempting to ignore the data as an anomaly or an outright mistake by AGA or the storage companies it surveys.
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