Natural gas markets experienced some swings Thursday, following a surprise storage miss and hotter weather trends for later this month. The Energy Information Administration’s storage inventory report for the week ended June 8 revealed a 96 billion cubic feet build that was considerably higher than even the most bearish of expectations. Storage inventories were at 1,913 billion cubic feet, or 785 Bcf below last year at this time and 507 Bcf below the five-year average.
“Any reversal off EIA data tends to be a strong technical signal for a continued move in that direction, but prices are now running into strong resistance at the top of this $2.97-3.00 range,” Bespoke analyst Jacob Meisel said told the Natural Gas Intelligence.
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