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September Natural Gas Futures in the Red After Higher-Than-Expected Storage Injection
The U.S. Energy Information Administration (EIA) reported an injection of 26 Bcf into storage for the week ending July 24, a print that came in slightly above the average of major polls and pushed Nymex natural gas futures lower. table The result implies that demand, lifted by summer heat and strong energy use for cooling, is realigning with supply following months of imbalance caused by the coronavirus pandemic, observers said. “It was hotter than normal over much of the U.S., especially the East,” NatGasWeather said of this week’s EIA report period. The latest injection marked the fifth consecutive week of ... (full story)