NatGas Sinks To 3-Month Low After Inventory Report, Then Rebounds; Bulls & Bears Locked In Battle

June 13, 2013

We examine the latest developments in the natural gas market.

 

Natural gas fell to a three-month low before recovering to trade slightly higher near $3.82/mmbtu after the Energy Information Administration reported that operators injected 95 billion cubic feet into storage, close to most analyst estimates, which ranged from 94 to 98 bcf.

The injection was above last year’s build 67 bcf, and above the five-year average build of 84 bcf.

In turn, inventories now stand at 2,347 bcf, which is 597 bcf below the year-ago level and 50 bcf below the five-year average (calculated using a slightly different methodology than the EIA).

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