June Natural Gas Futures Climb Following Bullish Miss in Government Storage Data

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The U.S. Energy Information Administration (EIA) on Thursday reported an injection of 70 Bcf natural gas into storage for the week ended May 10. The result was a miss against expectations and historical averages.

The print reflected rising demand and listless production, supporting additional gains in Nymex June natural gas futures.

About 30 minutes ahead of the 10:30 a.m. ET release of government data, the June futures contract was up 6.7 cents at $2.483/MMBtu. The prompt month advanced further to around $2.505 following the print. By 11 a.m. ET, it was up 14.2 cents to $2.558.  

Ahead of the report, injection estimates submitted to Reuters and Bloomberg each spanned 72 Bcf to 81 Bcf, with a median of 77 Bcf.  

NGI modeled a 75 Bcf injection for the review…