Natural gas inventories rose by 132 bcf last week, more than expectations.
Natural gas was last trading down by 2 percent to $2.58/mmbtu after the Energy Information Administration reported that operators injected 132 billion cubic feet into storage last week, above most analyst estimates, which ranged from 121 to 125 bcf.
The latest injection was above last year’s build of 119 bcf and above the five-year average build of 93 bcf.
In turn, inventories now stand at 2,233 bcf, which is 734 bcf above the year-ago level and 15 bcf above the five-year average (calculated using a slightly different methodology than the EIA).
