Commodities
EIA Reports Larger-Than-Expected Natural Gas Injection
The US Energy Information Administration (EIA) reported an injection of 64 Bcf natural gas into storage for the week ended Sept. 25, exceeding expectations and leaving New York Mercantile Exchange gas futures uncertain.
The result is a welcome development after several weeks of below-average injections, but it may not be enough to alleviate concerns about the near-term market balance.
According to the EIA report, the Midwest and East regions led the country in terms of injection pace, with 33 Bcf and 18 Bcf added respectively. However, the storage surplus has narrowed significantly since the start of the year.