The U.S. Energy Information Administration (EIA) on Thursday reported a 57 Bcf injection of natural gas into storage for the week ended April 4. May natural gas futures initially traded higher after the seasonally heavy addition before they turned lower.
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Ahead of the 10:30 a.m. ET print, May futures were trading down 17.4 cents at $3.642/MMBtu. After the EIA data was released, the contract pushed higher toward $3.660. By 11 a.m. ET, it was trading down 21.1 cents at $3.605.
Prior to the report, NGI modeled a 62 Bcf build for the week. Injection estimates submitted to Reuters ranged from 35 Bcf to 58 Bcf, with an average of 50 Bcf. Surveys by Dow Jones and Bloomberg landed at average builds of 50 Bcf and 58 Bcf, respectively.