Analyst had expected an increase of about 108 Bcf, Reuters reported. (Source: Shutterstock)
Working natural gas in storage rose by 109 Bcf for the week ending June 6, meeting analysts’ expectations and causing a price drop at the Henry Hub.
In the U.S. Energy Information Administration’s (EIA) weekly report, about 2.71 Tcf of working gas was in storage. Producers have injected more than 100 Bcf into storage for seven straight weeks, a streak that has only been matched one other time in the EIA's records, which go back to 2010.
The price of natural gas at the Henry Hub started June 12 at 3.64/MMBtu and fell to $3.49/MMBtu following the release of the report. Analyst had expected an increase of about 108 Bcf, Reuters reported.
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