U.S. natural gas storage increased by 55 Bcf for the week, beating market estimates and causing an immediate price drop at the Henry Hub. (Source: Shutterstock)
U.S. natural gas storage increased by 55 Bcf for the week, according to the government, beating market estimates and causing an immediate price drop at the Henry Hub.
Working gas in storage was 2.953 Tcf on June 27, according to the weekly report from the U.S. Energy Information Administration (EIA). Prior to the report, the market consensus predicted an increase of 47 Bcf.
The Henry Hub front-month futures price, which had been trading as high as $3.57/MMBtu at 10 a.m., dropped to $3.42/MMBtu following the report’s release and remained at the same level through midday.
Natural gas storage injections have consistently beaten market estimates since May. Operators have been anticipating demand to increase during the summer heat and as LNG production continues to ramp up along the Gulf Coast.
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