Natural Gas futures rise as EIA data show storage shortfall
Friday, June 10, 2022
The Energy Information Administration reported a smaller-than-anticipated injection into natural gas storage inventories for the week ending June 3 and futures prices rebounded, according to Natural Gas Intelligence.
The EIA recorded 97 Bcf injected into natural gas storage and futures prices recovered slightly after a dip. The July Nymex gas futures contract was trading over 50.0 cents lower day-over-day at $8.186/MMBtu ahead of the report. Then, the price jumped back up to $8.263. and sat at $8.506 — only 19.3 cents off of Wednesday’s close.
Analysts said there was a risk to the high side in the latest storage data and that’s likely why prices bounced back after the data was published.
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