Storage Print Disappointment Sends Natural Gas Futures Reeling
Natural Gas Intelligence (NGI) reported that storage print numbers came in below expectations, sending natural gas futures plummeting. The disappointing numbers were released by the Energy Information Administration (EIA), which showed a larger-than-expected build in U.S. natural gas inventories.
The data was released as part of the EIA's weekly inventory report, which provides detailed information on the country's natural gas storage levels. According to NGI, the numbers were particularly disappointing given the strong demand for natural gas during the current heating season.
As a result of the weak storage print, natural gas futures fell sharply, with prices declining by over 4% in a single day. This represents one of the largest daily price declines for natural gas futures in recent memory.