Natural gas for August delivery fell 13 cents to $3.67 mid-day on Thursday, after the latest storage numbers from the U.S. Energy Information Administration showed inventories increased by 66 billion cubic feet last week.
MarketWatch reports that analysts surveyed by Platts had expected an increase of 65 to 69 billion cubic feet.
The EIA reports that working gas in storage was 2,952 Bcf as of July 17, and stocks were 568 Bcf higher than last year at this time and 458 Bcf above the five-year average of 2,494 Bcf.
“At 2,952 Bcf, total working gas is above the 5-year historical range,” says the EIA.
On the Horizons BetaPro NYMEX Natural Gas Bull Plus ETF Bullboard, atrickpay said: “So I guess the futures contract for September isn't probably going to break thru 4.10?”
While afshaikh noted: “…66 bcf is a low injection...Nat Gas should have popped
seems like people are still digesting the news...I think it's bullish for Nat Gas today”…
And, fullhouse101 explained: “…number were not bad. A turn is coming and once some auto manufacturing ramps up, some hot weather and the threat of gulf storm maybe, we will be ok.”